HUT 8 -
HUT
EARNINGS RELEASE: This Thursday 17th August 2023 👀
⚠️The last 3 quarterly earning reports have had consistent 10% or more reduction to revenues.
o Hut 8 is one of North America's largest innovation-focused digital asset mining pioneers and high performance computing infrastructure provider.
o Hut 8 has one of the highest capacity rates for mining in the industry and one of the highest inventories of self-mined Bitcoin of any digital asset miner or publicly-traded company globally.
o With 9,136 BTC, Hut 8 continues to have one of the largest self-mined Bitcoin reserves of any publicly traded company
o On June 26, Hut 8 announced that it entered a US$50 million credit facility with Coinbase Credit, Inc.
THE CHART
The chart speaks for itself. My ideal entry would be off the POC or 200SMA with three confirmations:
1. MACD CROSS
2. OBV VOLUME BREAKOUT
3. RSI OVER SOLD
Safe Trading folks
PUKA
HUT
EARNINGS RELEASE: This Thursday 17th August 2023 👀
⚠️The last 3 quarterly earning reports have had consistent 10% or more reduction to revenues.
o Hut 8 is one of North America's largest innovation-focused digital asset mining pioneers and high performance computing infrastructure provider.
o Hut 8 has one of the highest capacity rates for mining in the industry and one of the highest inventories of self-mined Bitcoin of any digital asset miner or publicly-traded company globally.
o With 9,136 BTC, Hut 8 continues to have one of the largest self-mined Bitcoin reserves of any publicly traded company
o On June 26, Hut 8 announced that it entered a US$50 million credit facility with Coinbase Credit, Inc.
THE CHART
The chart speaks for itself. My ideal entry would be off the POC or 200SMA with three confirmations:
1. MACD CROSS
2. OBV VOLUME BREAKOUT
3. RSI OVER SOLD
Safe Trading folks
PUKA
Comment:
HUT 8 -
HUT
▫️ As forewarned we expected lower lows with every entry level needing a tight stop.
▫️ Price is currently sitting on the POC and most traded price level however we are below the 200 day SMA
Similar to some of the other mining stocks HUT is forming a pennant. A lot of crypto assets are forming pennants TOTAL 2 Altcoins, ETHBTC, DOGE and many others. All pennants seem to have a little room to run until they make a long term movement decision which appears to be between Dec 2023 and Apr 2024.
Patience and long term mindset is required to ride the volatility between now and then
PUKA
HUT
▫️ As forewarned we expected lower lows with every entry level needing a tight stop.
▫️ Price is currently sitting on the POC and most traded price level however we are below the 200 day SMA
Similar to some of the other mining stocks HUT is forming a pennant. A lot of crypto assets are forming pennants TOTAL 2 Altcoins, ETHBTC, DOGE and many others. All pennants seem to have a little room to run until they make a long term movement decision which appears to be between Dec 2023 and Apr 2024.
Patience and long term mindset is required to ride the volatility between now and then
PUKA
HUT8 Earnings are out and are negative as we expected. This and 3 confirmations on the chart outstanding had us cautious.
Earnings:
Estimated: -0.58
Reported: -.060 (marginal)
Revenue:
Estimate: 16.02
Reported: 14.47
This is a perfect example if why waiting for the indicators can be safer. We were waiting for 3 confirmations and we have not got them yet.
Entry two is looking realistic but lets see what happens.