$HUT sweep of $6 before higher? $12-18 final target?
I know a lot of people were following the
HUT
idea, so I thought I'd give an update here.
Most people are convinced the miners are heading higher here. I do agree, but I don't think the trade will be as easy as longing this move.
With a rejection of this level, it sets up a move down to the lower support level around $5.59-$6.33. Once that level gets tagged on the downside, I think that sets up a new long trend.
I'm short a lot of the miners here (HUT, RIOT, MARA) with the idea that the rest of the week, price should fade this move. I'm looking for a sweep of the lows, then if we get it, I will go long thinking that we'll see a strong move through the rest of May.
After the sweep, I think price can go to $12 and as high as $18.
Let's see how it plays out.
HUT
idea, so I thought I'd give an update here. Most people are convinced the miners are heading higher here. I do agree, but I don't think the trade will be as easy as longing this move.
With a rejection of this level, it sets up a move down to the lower support level around $5.59-$6.33. Once that level gets tagged on the downside, I think that sets up a new long trend.
I'm short a lot of the miners here (HUT, RIOT, MARA) with the idea that the rest of the week, price should fade this move. I'm looking for a sweep of the lows, then if we get it, I will go long thinking that we'll see a strong move through the rest of May.
After the sweep, I think price can go to $12 and as high as $18.
Let's see how it plays out.
Comment:
Pivot started to send Hut lower. Let's see if we get to the bottom this week.
