Updating my past idea with some lower targets. It looks like we're in a large downtrend channel.
We've just tested the bottom of the downtrend channel and now have turned up. I think the next big move is to test the top of the channel around the $16-17 target.
I don't think we'll break the channel because 3rd tests rarely break. 4th+ tests break the channel.
Therefore, I think if we get up to the top of the channel, that's a great place to sell.
I think this move will happen somewhat quickly because of how fast we fell. That and BTC and alts both look bullish and I'm anticipating a correction towards the end of Feb into March.
First targets would be the $12-13 range. Then I could see a correction before the last move up to $16-17.
Let's see if it plays out or if my previous interpretation is correct.
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I sold all of my calls today +400%, will look to reenter next week around the $8-9 level for a move to the final targets.
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Going to add calls tomorrow morning. Looking for $8.50 region to add back
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Forgot to update. Ended up entering before close at $8.74. Bought 8calls and $11 calls for 3/15
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Should've been a bit more patient. This was the region I was looking for yesterday but didn't get. Think this is a good spot to enter.
Risk down to $8.37, below that = trouble.
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Added 3/15 $9 Calls here
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Welp, weakest mining stock by far. i still think it goes up, but $8.10 is next support... let's see. Probably not higher until next week
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okay, getting a reversal, a close over $8.37 would be great.
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Unfortunately, looks like $7.44 and then $7.19 are next support, let's see if we get a reaction at one of those levels. Still think we're going higher, just didn't think we'd go this low first.
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I don't think HUT turns up until Tuesday
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8.37ish level is where you wanna buy
I sold out of my calls yesterday for minimal profit bc I saw some weakness. Going to readd them before the close as I think the CPI print tomorrow will send markets for one last leg up.
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If we drop below that level $8.08 should be the ultimate low
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Started scaling back in, but still think we might get lower tomorrow, so only took a half position to start
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Bought this morning again in the 8.30ish range.
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Looking for a top to be put in next week. Maybe this pivot sends price higher.
I'm out of HUT completely after 3/15 probably for the remainder of the year.
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Today was a weird move. At this point, I'm expecting one large move higher to be exit liquidity. Like a 50-100% candle, bc nothing else makes sense.
Still expect upside levels to be hit before downside. BTC @ ATH, COIN+MSTR up, other mining stocks down. Course has to correct soon IMO.
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Got a nice bounce today, chart starting to shape up. Let's see what happens tomorrow.
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Relooking at a bunch of charts, I think we get a move down into the fed meeting on Tuesday/Wednesday and then rally until the end of the month.
So there's a possibility that we end up sweeping the lows before the larger bounce to the target.
Just wanted to throw that out there.
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Looking like this is plqying out. I'm out of all positions.
We'll see how the chart shapes up next week. Probably won't take anymore longs.
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I think this is a good region to long, let's see if we get a final leg higher.
I think HUT8's management lost pretty much most, if not all, investor confidence. That Jcapital report did not help :(
benjihyam
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@zoltanvays, if this was the issue, why are all of the miners weak? I don't buy into the fundamental bs. Still think it has a move higher.
satiev1
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I told you we weren’t going to 8k but new highs before end of year for btc.
benjihyam
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@satiev1, lol watch you mark the top. How high are we going then? What's your target and by when? I'll make sure to fade your call. The year is far from over. Notice that I said I will be getting out of crypto and stocks this week... I haven't been short or said the market will go down yet...
marcolopes
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I think capital is flowing from mining stocks to crypto markets! (well, mine flowed by 50%... and if the mining stocks don't recover tomorrow, i will liquidate the other 50%)
benjihyam
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@marcolopes, Maybe, but looks like we're bottoming today (at least to me). I just follow the chart instead of trying to reason why something is happening.
marcolopes
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@benjihyam looks like it... will hold for a few more days... but the crypto market is wayyyyyy more appealing right now!
benjihyam
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@marcolopes, Agreed. I took some bets before close 7.50C for 3/15.
LeExpanse
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Good call !
zoltanvays
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Hi Benji, I hope all is well. Can positive earnings send this to 15?