HOT - Are you done correcting?

Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.

About 2 or 3 weeks ago I shared an idea that HOT was going to correct down to 24 satoshis and at the time it was at 33 on a retrace. At the time I said there was more upside to the corrective move (and there was) but since then we're in a slow bleed down to... guess where? We're at 25 right now and I still think 24 is in the cards.

Here are the scenarios:

1. Buy at 24 or 25 but keep a very tight stop at 23. More than likely you can close at 24 with a stop trigger at 23 with the way charts are moving.

2. If 24 does break, we're going back to 18

The problem here is if we're in any kind of elliott wave, we can't break 24 and if we do then there's something else going on. Even though HOT has a trading history going back several months we're still in a price discovery phase. The volume for the last 2 weeks has been negative. I'm cautiously optimistic.

Trade safely friends!
<3 -CE-