$HUT Pulling back to daily 200EMA

HUT appears to have complete a larger degree wave 1 of 3 with wave 2 underway.

Looking at the support below we may have a shallow wave 2 targeting the daily 200EMA, major support High Volume Node at the .382 Fibonacci retracement, $17. A shallow wave 2 often happens in strong trending markets as participants are excited and can't wait to buy!

Daily RSI has plenty of room to fall. $19.5 is also the weekly pivot point where price is also expected to find strong support so we may see a reversal from here at the start of next week but these assets are volatile so i would lean towards lower first.

Bitcoin stocks have all had a decent retracement causing me to upgrade my Elliot Wave count to a completed macro wave 1 with wave 2 now underway, suggesting the best returns are still to come over the next months for this category asset class in wave 3!

Analysis is invalidated if we go to new local highs above $23.46 or lose $9.98.

New long signals are certainly building in the DEMA PBR and Price Action strategies so keep an eye out on the Trade Signals Substack as we have made very food profits lately in these markets!

Safe trading