$HUT update $6.30-6.70 bottom, target still $20+I'll be the first one to admit that I didn't see NASDAQ:HUT going this low. I rode calls and spot from $12-17.80 but then reentered way too early between $13-$9.
We did get the capitulation move to the downside today, I'm still holding my position as I still think the move will pan out that I'm expecting. I just got the timing and the reentry targets wrong in my previous interpretations of the chart.
Why am I expecting upside from here to new highs?
1. I think we're going to see one more massive run in alts from next week into Mid-February which brings new capital into crypto. This should also benefit miners.
2. The chart looks like we've finally bottomed. Because we went down so quickly, there's an imbalance on the chart which should resolve itself in a powerful move to the upside.
3. Sentiment is in the dumps.
If we get a strong move tomorrow higher, I might exit some of my calls that are in profit, and wait until Monday or Tuesday next week to enter. We still have a thick ichimoku cloud that I don't think can break the $13-14 level until after next week. I don't expect the trend to fully turn bullish until Monday or Tuesday next week after that pivot on the chart. I don't expect the top targets to get hit until early to mid Feb.
Let's see if this is the correct interpretation of the chart.
