HUT, BFARF, MARA, RIOT performance against BTC this week UpdatedHUT, BFARF, MARA, RIOT performance against BTC this week
HUT
HUT got withdrawal syndrome It started off like a bad trip. Someone brought the wrong party goodies and folks started getting ahead of themselves. After the initial thrill wore off someone thought they would gap up and go for broke. The current party is like an after hours club closing "Last call...please would you just leave so we can clean up". Each time they tried to have a little fun the broke the trend, the trend punished them.
Prediction...gap closes, BTC lifts to 90k(cad), new cycle resume, HUT to nasdaq...ATH's by June.
Long HUT 8 MININGHut 8's revenue is EXCLUSIVELY Bitcoin so when Bitcoin is pumping, it's rough watching Hut 8 declining. Anyone who's held this stock for some time, has felt that pain at least a few times. Today was especially frusterating with Bitcoin reaching all new highs and this stock dumping from the open, down 6.17%.
But today's decline was technical in nature. We're inside a triangle and it was testing the lower part of that triangle. We actually went outside of it, which would have been bad if we hadn't closed back inside. Now that we're inside, expect a retest of the upper trendline. If Bitcoin is still up, it's likely going to break to the upside. I'll be long until I see us close outside the bottom trendline.
HUT - Cup and Handle pattern on dailyThis canadian bitcoin miner has formed a nice cup and handle on the 4 hour and daily chart. I prefer handles that do not go past the 50% Fib retracement. Potential catalyst would be uplisting to Nasdaq exchange from OTC for US traders and the OTC symbol is HUMF. I like MARA RIOT and HUT here in bitcoin mining sector. HUT has $48 mill net cash , while Mara and Riot have less net cash. HUT uses natural gas and Wind farms for energy, so a little cheaper production cost compared to MARA and RIOT. HUT has 3000 BTC inventory, MARA 4812 and RIOT 1053. *I live 2 hours away from their mining facility. Go Bitcoin! :)
HUT 8 MiningThese are my thoughts on HUT. They are meant to give you an idea, not trading advice.
This seems to be forming an inverses head & shoulders pattern. If this breaks to the upside we're in for some nice gains. Since HUT is a blockchain related stock, it's sensitive to the price of BTC. That's what makes me more bullish.
Please be careful, as the market never gives you certainties, only probabilities!
ALWAYS REMEMBER THIS WHEN YOU TRADE
HUT will fly when BITCOIN doesHUT will fly when BITCOIN does
not advice but there is a gap at .50 cents to .55 cents
I will put an order in there
HIve, GLXY, Hut 8, Bitcoin. ETHHere's a 1 year chart comparing Bitcoin in the yellow, Hut 8 in the Red, Hive in the Green, ETH is the Blue Line & GLXY the Purple line, the 200 Day MA is the Black line.
It's possible this parabolic rise in Hive is correlation coming back between Ethereum & Hive, it would possibly explain the uptick even when ETH is red.
Double Top?It appears as though HUT is being met with some tough resistance, which is exactly where HUT capitulated in Nov 2018.
More pain may be ahead, Hut may see a Huge dump off. No correlation to BTC at all today, that's shady!
