HUT8 forward ourlook
Since mid-April HUT8 was into a downtrend, and is forming a great rounding bottom.
In past weeks, it seems to be forming a Cup and Handel pattern with a small handle, which usually indicates strength on the pattern accuracy.
Unfortunately this is being driven by underlying asset movement (BTC bull run) however the company scheduled to announce progress in miners being operational and commencement of GPU miners with low mining cost which explains the sentiment.
Closing and sustain a closure above 7$ with similar volumes as last week would put a target of 10.6$ on the midterm view.
In past weeks, it seems to be forming a Cup and Handel pattern with a small handle, which usually indicates strength on the pattern accuracy.
Unfortunately this is being driven by underlying asset movement (BTC bull run) however the company scheduled to announce progress in miners being operational and commencement of GPU miners with low mining cost which explains the sentiment.
Closing and sustain a closure above 7$ with similar volumes as last week would put a target of 10.6$ on the midterm view.
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