Continuation with my Crypto Miner stock analysis, here are some thoughts on HUT8. I was hoping this stock would react more how I would originally expect, but it did the opposite.
We are in a bit of a weird spot here with this one.
If you take a look at the fixed range volume profile, a questionable sign is that we entirely lost the Value Area Low, as well as Range Point of Control marked in blue. Technically if you are hoping for more upside we must first reclaim the lower orange value area.
However, to the contrary we are quite literally at the lowest levels of this stock which should still be a DCA if you believe in this company. If we cannat reclaim the lower orange value area low, it might be likely that HUT will bleed to a lower price demand zone. Its also important to consider a few other things.
1. Hut is currently not a profitable miner, although perhaps they may be one day we are still in a volatile time period economically.
2. The halving event approaching in spring may potentially continue a bleed before the real rally.
3. Bitcoin has likely topped, or will top soon. So it seems unlikely for ANY mining stock to make new highs, unless they are profitable.
Due to the nature of my trading style, I would likely be patient on miners moving into the spring. At that point well likely see a good opportunity to accumulate.
I would personally approach this one with caution at the moment, if this stock does not immediately bounce from this zone, it can be a strong sign of weakness. However, if we do get a bounce here, I dont quite expect it to be long lasting.
We are in a bit of a weird spot here with this one.
If you take a look at the fixed range volume profile, a questionable sign is that we entirely lost the Value Area Low, as well as Range Point of Control marked in blue. Technically if you are hoping for more upside we must first reclaim the lower orange value area.
However, to the contrary we are quite literally at the lowest levels of this stock which should still be a DCA if you believe in this company. If we cannat reclaim the lower orange value area low, it might be likely that HUT will bleed to a lower price demand zone. Its also important to consider a few other things.
1. Hut is currently not a profitable miner, although perhaps they may be one day we are still in a volatile time period economically.
2. The halving event approaching in spring may potentially continue a bleed before the real rally.
3. Bitcoin has likely topped, or will top soon. So it seems unlikely for ANY mining stock to make new highs, unless they are profitable.
Due to the nature of my trading style, I would likely be patient on miners moving into the spring. At that point well likely see a good opportunity to accumulate.
I would personally approach this one with caution at the moment, if this stock does not immediately bounce from this zone, it can be a strong sign of weakness. However, if we do get a bounce here, I dont quite expect it to be long lasting.
Comment:
If we can get above $7.50 and hold with a nice daily close, then we know where our lower level support will be.
Comment:
Finally showing some strength with a support zone bounce of 30%. In my opinion, HUT8 is still much weaker to other miners have have done 100% and 300% like clsk