HUT - weekly break out with volumeThought I would chart a canadian crypto stock for any canadian followers. Hut 8 Mining Corp. operates as a cryptocurrency mining company in Canada. On the weekly chart, it has broken out with volume last week. The MACD is crossing up as well, 10% short interest. I looked at the HIVE chart as well, but there was some selling friday. Once the Fed approves the stimulus bill, I expect Cryptocurrency and Gold to move up further. Have a great day! Stay Safe!
Hut 8 Corp. Shs Cert Deposito Arg Repr 5 Sh
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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 long term downtrend breakoutIt looks like HUT's long term downtrend breakout is near.
The RSI already broke it's downwards trajectory.
A lot of alternative coins gained a lot of up movement recently as well as other crypto related stocks ( e.g. HIVE, RIOT ).
There's a possibility for some small downwards movement to the support line or more sidewards movement.
However considering all the points I mentioned before let's me to belief HUT will shine with a nice upward movement soon as well.
Possible inverse hns setting up1)On the weekly we can see bullish momentum picking up for this ticker looking at the indicators layed out and we even have a macd cross over..
2)There is significant insider buying happening at 1.2 $ if you take a look at ceo.ca.
3) If you compare the left and "right" shoulder then we can see bullish divergence .
4) Value- This company mines bitcoin and as you can see it appear to be lagging quite bit from the price of btc especially if we take a look at the last couple of months, so imo this is a great value play on going long for btc with a lot less down side.
5) With the falling value of the dollar that will inflate the value of crypto
6) With the halving that happened on may 11 , it usually kick starts a bull market which can be argued with btc's recent price action. Once that happens I believe people will take notice to HUT potentially leading to a much closer correlation with bitcoin and with that more gains. who knows what will happen to this ticker if btc reaches 20k within this year. Based on the technicals and fundamentals I believe this has great potential.
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.










