August 1, 2022: HUT (Hut 8 Mining Corp.) Technical Analysis – Charts

by | Equities, Hut 8 Mining Corp., Public

Summary: HUT may have formed a sustainable low in July 2022.



Hut Weekly 2022
Click chart to enlarge. Chart courtesy of

After ADX indicated a downwards trend, RSI reached oversold. There, a bullish candlestick pattern has formed that has support from volume. With volume continuing to strongly push price higher, this looks more like the start of a new bullish trend than a bounce within an ongoing bear market. However, it must be noted that this has happened before during January 2022 and yet the bear market continued. This time there is a longer run of bullish weekly candlesticks that have greater support from volume.


Hut Daily 2022
Click chart to enlarge. Chart courtesy of

The prior downwards trend reached very extreme. RSI reached oversold and exhibited bullish divergence. In this context a bullish candlestick pattern has formed on the daily chart, so it should be given weight.

Published @ 05:02 p.m. ET.

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