HUT8 short term view
Updated
HUT8 have been performing great since we indicated the reversal point, our performance was to the mark thus far.
The great thing is that volumes are setting into a record high at a top 10.7, which show how the market and trader are approaching the previous top. This is overlapping with 0.23 resistance levels, and you should deduce by looking at last three sessions that market seems not having the resolve to set a new top yet, despite the great volumes.
It is fair to point out that since our reversal point, HUT8 have more than doubled in less than 30 trading sessions, so it is no surprise that it is healthy for it now to take a pause and gather some strength. This is also influenced by institutions with late entry points that would need more fundamental to deal with overall wight of HUT8 within the portfolio.
Personally, i see this moving to a round bottom; thus, I expect this to be a rough trading levels till we reclaim 11 with huge volumes; the company might retrace up to 8-7 levels as a major strong hold, yet with ongoing market forces I see 9.2-9.3 forming good levels of resistance recently.
Again BTC movements are casting pressure currently and among miners HUT8 was the only one with strong resistance so expect day-trader to jump between miners.
A confirmation would be reduced volumes tomorrow and scoring another lower low or closing below 9.5.
Disclaimer
Technical analysis is more of a sentiment analysis with tools that help understand market forces, it is not meant to be used alone for making investments decission nor should this post or any other be used for such decisions.
The great thing is that volumes are setting into a record high at a top 10.7, which show how the market and trader are approaching the previous top. This is overlapping with 0.23 resistance levels, and you should deduce by looking at last three sessions that market seems not having the resolve to set a new top yet, despite the great volumes.
It is fair to point out that since our reversal point, HUT8 have more than doubled in less than 30 trading sessions, so it is no surprise that it is healthy for it now to take a pause and gather some strength. This is also influenced by institutions with late entry points that would need more fundamental to deal with overall wight of HUT8 within the portfolio.
Personally, i see this moving to a round bottom; thus, I expect this to be a rough trading levels till we reclaim 11 with huge volumes; the company might retrace up to 8-7 levels as a major strong hold, yet with ongoing market forces I see 9.2-9.3 forming good levels of resistance recently.
Again BTC movements are casting pressure currently and among miners HUT8 was the only one with strong resistance so expect day-trader to jump between miners.
A confirmation would be reduced volumes tomorrow and scoring another lower low or closing below 9.5.
Disclaimer
Technical analysis is more of a sentiment analysis with tools that help understand market forces, it is not meant to be used alone for making investments decission nor should this post or any other be used for such decisions.
Note
Given BTC volatility, testing 9.2-9.3 again seems the outlook for today.Trading below 9 would open the space for worst scenarios, volumes on recent periods are descending and below the average 15 days volumes (noting that most recent up trends laps between 14-17 trading sessions), continues reduction in volumes would not be a positive sign at all and it will be clear from the session.
Good luck to all,.
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Just as anticipated, 9.2-9.3 was wrecked by the offering and BTC downtrend movements played a massive role on pushing this below 8.As you can see from the volumes, defiantly there are buyers and sellers competing over the direction of HUT8 unlike other miners that were sliding down today.
We are approaching a strong support layer at 7-6.6, i hope we don't break that, and I think so.
We are approaching end of Q3 and announcements of GPU miners expected to be soon, thus i don't see the defenses deteriorating easily on HUT8.
By no mean, this shall be taken as financial advice.
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