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Miner Chart Watch: Weekly Bitcoin-Mining Stocks Analysis
Straight price-action snapshots and technical notes.
Christopher Inks
August 03, 2025
New weekly feature: Don’t forget, you will find Hashpower & Geopolitics nestled just below the miner charts. In roughly two hundred words it tracks the policy moves, defense angles, and grid deals that can swing public-miner valuations long before the market notices. Each installment spotlights one headline, explains why it matters to fleet scale and energy costs, then ends with a clear trading takeaway. Think of it as the story behind the candles.
Charts
1. RIOT Blockchain ($RIOT)
Price pulled back into the yearly pivot area, at the monthly S1 pivot/range resistance, so I have zoomed into the daily chart. As mentioned, we should be sure to watch it now and see if we get a rally from here or not. If we do, then the count is likely correct with a pattern target of $19.98 based on the height of the wave (4) pullback. But we need to see a break out above wave B at $14.93 to add confidence to the count. Breaking out above wave x at $15.87 will add confidence to the wave (ii) count and indicate that wave (iii) is likely in progress.
A sustained breakdown below the yearly pivot will see further pullback, with an initial downside target of the monthly S2 pivot at $8.82.
*Target placement is not based on time. I only focus on the target levels.
2. Marathon Digital Holdings ($MARA)
Price continued to pull back after being rejected at the yearly pivot. Zooming into the daily time frame, it’s possible that a ((1))-((2)), 1-2 has completed. A rally from last week’s pullback low and break out above $20.99 will add confidence to this count as labeled. That will give us a minimum wave 3 of ((3)) target at $31.65.
Further breakdown into the monthtly S1 pivot at $13.75/wave (2) extreme at $13.49 will instead suggests that wave (2) is completing a flat correction toward that area.
An impulsive weekly candle break out and close above the yearly pivot at $21.34 will signal that the larger degree wave ii is most likely complete. And further break out above the wave ((X)) extreme at $30.28 will add confidence to the wave ii count and signal that wave iii is likely in progress.
*Target placement is not based on time. I only focus on the target levels.
3. CleanSpark ($CLSK)
Price continued to pull back last week just beyond our initial pullback target area. It is attempting to find support on the monthly S1 pivot. A rally from here and break out above wave ((B)) at $13.58 will add confidence to the count and give us a minimum expected wave iii target of $22.57.
But continued break down instead has a target of a sweep of $8.40 to possibly complete wave (ii) instead as a flat correction.
A break out above wave ((x)) at $17.97 will add confidence to the wave 2 count and indicate that wave 3 is likely in progress.
*Target placement is not based on time. I only focus on the target levels.
4. Bitfarms Ltd. ($BITF)
Price pulled back into the new month’s pivot at ~$1.14. A really from here suggests a wave 3 minimum expected target of $2.28. And that would overextend the larger degree wave (3) target.
Continued pull back instead will give us a possible target of sweeping the wave 2 extreme and targeting the monthly S1 pivot area around ~$0.92. That would indicate that wave 2 was still in progress and printing a flat correction.
Breaking out above the wave x triangle resistance at $2.37 will add confidence to the wave (ii) count and indicate that wave (iii) is likely in progress.
*Target placement is not based on time. I only focus on the target levels.
5. Hut 8 Corp. ($HUT)
Price pulled back slightly more, still holding support around the yearly pivot. It looks like we have a ((1))-(2), (1)-(2) count in progress. Breaking out higher gives us a minimum expected wave (3) of ((3)) target at $38.91 or secondary target at $46. Continued pullback this week could see price targeting the monthly S1 pivot at $18.32. Pulling all the way back around the wave ((2)) extreme at $15.26 will suggest that wave ((2)) is still in progress and printing a flat correction.
Wave c of (iii) has a target of $67.60.
*Target placement is not based on time. I only focus on the target levels.
6. Argo Blockchain ($ARBK)
Price is still basically overlapping since March so I don’t have a good read on the count yet. It’s possible that we may be seeing a i-ii, ((1))-((2)) in progress. Further decline has an initial target of $0.2625 followed by $0.2366. Breaking out above the wave (B) extreme at $0.3987 will add confidence to the possible local count. And that will give us a minimum expected wave ((3)) target of $2.16.
However, it’s also possible that we are seeing a leading diagonal in progress with a wave v pattern target of $1.08 based on the height of the current pullback.
As I’ve been saying, we still need to see a break out above that $0.6595 level to overcome the control in the March 3rd weekly candle. That said, traders should continue to use caution if trading this chart. Breaking out above $0.6595 will give us something to talk about. But until then, be wary of further decline.
*Target placement is not based on time. I only focus on the target levels.
7. Hive Digital Technologies ($HIVE)
It looks like a ((1))-((2)), (1)-(2) is in progress. Breaking out above the wave B extreme at $2.29 will add confidence to the count and give us a minimum expected wave (3) target of $4.18. Further pullback from here could see price targeting the monthly S1 pivot around $1.70 before breaking out above wave B.
An impulsive weekly candle break out and close above $3.52 will signal that the larger degree wave (ii) is likely complete. Further break out above wave ((b)) at $6.84 will add confidence to that count. Wave (iii) has a minimum expected target of $12.00.
Pullback from here could see price targeting the ~$1.83 area.
*Target placement is not based on time. I only focus on the target levels.
8. Terawulf Inc. ($WULF)
Further pullback has an initial downside target of the monthly S1 pivot at $4.39. Breaking out above $5.47 will add confidence to the wave ii count and give us a minimum expected wave iii target of $9.85 followed by a secondary target of $11.91. A break out above wave ((b)) at $5.60 will add confidence to the larger degree wave 2 count and signal that wave 3 is likely in progress.
A sweep of wave (ii) at $3.40 instead will signal that wave (ii) is still in progress and printing a flat correction.
*Target placement is not based on time. I only focus on the target levels.
9. IRIS Energy Limited ($IREN)
The lack of any real pullback since the wave 2 extreme leaves us with a few different count alternatives. Currently, I have this labeled as wave ii having completed an expanded flat correction with a pretty clear five waves down for wave ((C)). Breaking out above wave ((B)) at $21.54 will give us a minimum expected wave iii target of $54.50. However, it’s possible this pullback may have completed a fourth wave instead, so on the rally higher first watch for a possible rejection around the pattern target of $27.26.
Further pullback instead gives us an initial downside target of the monthly S1 pivot around $12.89 followed by the yearly pivot around ~$9.77.
*Target placement is not based on time. I only focus on the target levels.
10. Core Scientific, Inc. ($CORZ)
Zooming into the daily chart, it looks like we may have some more pull back to complete before rallying. Breaking down below $12.42 opens up downside targets of the monthly S1 pivot at $11.24 and $10.45. The latter gives us a minimum expected wave (iii) target of $50.
*Target placement is not based on time. I only focus on the target levels.
11. Cipher Mining Inc. ($CIFR)
Continued breakdown could see price targeting the monthly S1 pivot around ~$4.31. Breaking out above the wave ((B)) extreme at $7.10 will signal that wave iii is likely in progress toward a minimum expected target of $16.52.
Price printed a doji candle last week with another slightly higher wick above the previous week’s swing high. We have a target band of $8.19-8.96. Breaking out above the wave ((b)) extreme at $7.77 will add confidence to the wave 2 count.
*Target placement is not based on time. I only focus on the target levels.
12. Stronghold Digital Mining Inc. ($SDIG)
This company was acquired by Bitfarms recently for $175M.
13. Bitdeer Technologies Group ($BTDR)
I have two possible counts here. The first is as shown which is a i-ii, ((1))-((2)). Breaking out above wave (B) at $15.63 will add confidence to that count and give us a minimum expected wave ((3)) target of $20.62 or secondary target of $23.50.
However, continued pullback to the monthly S1/wave ii extreme area will signal that wave ii is still in progress and completing a flat correction. The larger degree wave iii has a minimum expected target of $42.54.
Breaking out above wave (x) at $19.07 will add confidence to the larger degree wave ((ii)) count and indicate that wave ((iii)) is likely in progress.
*Target placement is not based on time. I only focus on the target levels.
14. Mawson Infrastructure Group Inc. ($MIGI)
Price pulled back further before bouncing near the swing low. Breaking out above wave (B) at 0.5697 will add confidence to the count and give us a minimum expected wave ((3)) target of $0.9465. Breaking out above wave ((X)) at $0.6800 will signal that the larger wave ii pullback is likely complete and wave iii is in progress.
Further impulsive break out and close above the descending resistance will signal that the low for wave ((v)) is probably complete.
Breaking down below $0.35 however will invalidate the counts and targets.
*Target placement is not based on time. I only focus on the target levels.
15. Bit Digital Inc. ($BTBT)
It looks like wave i terminated at the swing high. Wave ii may be complete after pulling back 50% so far. Further breakdown has targets of $2.46, $2.26, and $2.09. Breaking out above wave ((B)) at $3.41 will add confidence to the count. Wave iii has a minimum expected target of $12.92.
Breaking out above the wave (b) extreme at $5.74 will add confidence to the larger degree wave ((ii)) count and signal that wave ((iii)) is likely in progress.
*Target placement is not based on time. I only focus on the target levels.
16. Greenidge Generation Holdings Inc. ($GREE)
Wave ((2)) may be complete or nearly so. Further pullback has targets of $1.38, $1.31, and $1.25. Breaking out above wave (B) at $2.15 will add confidence to the count and give us a minimum expected wave ((3)) target of $3.71 or secondary target of $4.63. Breaking down below wave ii at $1.11 will indicate that wave ii was still in progress and completing a flat correction which has a minimum expected wave iii target of $7.17.
*Target placement is not based on time. I only focus on the target levels.
17. Ebang International Holdings Inc. ($EBON)
Price has pulled back further potentially completing, or nearly so, wave ((2)) after printing a leading diagonal for wave ((1)). Further pull back has targets of $3.76, $3.57, and $3.40. Breaking out above wave (B) at $5.00 will add confidence to the count and give us a minimum expected wave ((3)) target of $10.10.
Breaking down below $3.00 instead will invalidate the count and may see price targeting the yearly S1 pivot at $1.88.
*Target placement is not based on time. I only focus on the target levels.
18. Digi Power X ($DGXX)
DigiHost has rebranded as Digi Power X with the new ticker symbol $DGXX
Zooming into the daily time frame, it looks like wave ((3)) may have terminated at the swing high. Wave ((4)) may be complete or nearly so with an almost-38.2% pullback. Further pullback could see price targeting the 50% pullback around the monthly pivot at ~2.22. Breaking out above $3.55 will signal that wave ((5)) is likely in progress. From the current pullback that will have a pattern target of $5.63.
*Target placement is not based on time. I only focus on the target levels.
Locally, it looks like wave ((2)) of iii may be targeting the monthly S1 pivot around ~$22.20 which is a ~50% pullback. An impulsive daily candle break out and close above the monthly pivot at $25.46 will add confidence to that count. Wave ((3)) has a minimum expected target of $55.75.
*Target placement is not based on time. I only focus on the target levels.
Hashpower & Geopolitics
Cyber-Resilience: Data Centers Behind the Fence
The U.S. Department of Energy’s Office of Electricity just awarded $15 million in grants to three projects proving that on-site storage can keep critical facilities online during outages paving the way for crypto mines to host emergency compute and comms nodes.
Miners already boast reliable backup generation; adding batteries and edge-compute racks turns a hash farm into a hardened resilience hub. In a Texas microgrid pilot, paired storage and ASIC containers rode out a 2024 freeze without dropping more than 30 MW of load.
Why it matters: Defense planners and utilities prize any site that can throttle hash and kick in backup power or data services in milliseconds. Co-located data centers at mine sites could serve as radar-backup, emergency comms, or local blockchain-validation nodes under fire.
Actionable angle: Watch Applied Digital, Stronghold Digital, and Core Scientific disclosures for mentions of “edge-compute,” “microgrid,” or “battery-integrated racks.” Those companies stand to win early federal or industrial resilience contracts.
Signal stat: A 10MW battery bank co-located with ASICs can guarantee 4 hours of backup power for mission-critical loads. That’s enough to ride out most grid emergencies without drawing on diesel generators.
I join Scott Melker every Wednesday at 8:30 a.m. CST/9:30 a.m. EST with some of the more interesting charts of the day.
Beards and Bitcoin simulcasting on Wednesdays at 11:00 a.m. CST
Market Analysis simulcasting on Fridays at 11:00 a.m CST
DISCLAIMER: This newsletter is intended solely for educational purposes and should not be construed as financial advice. It does not constitute an investment recommendation or a solicitation to buy or sell any assets. Please exercise due diligence and conduct your own research before making any financial decisions.
The Bitcoin Miner Stocks Report does not operate as a registered investment advisor. This document is provided purely for informational purposes and does not constitute an offer or invitation to buy or sell any financial instruments. The viewpoints expressed are derived from historical data analysis and are deemed reliable, though their accuracy is not assured. Readers are entirely accountable for any decisions made based on this information.
CFTC RULE 4.41 - These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.
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