BITF
has gained some ground thanks to the interest and attention on crypto prices this year. After doing a fib retracement using last December's low as an anchor, some interesting areas have been revealed. First, the 50 Fib is a clear area of high traffic. While BITF has managed to trade at these levels, it hasn't had the best time holding above it for extended periods. Furthermore, the next level which is the 382 fib line appears to be an interesting level of resistance as BITF has broken to and above it just 3 times previous and had been denied all 3 times. Considering this "crypto weekend" bitcoin stocks could be first on the watch list on Monday. HOWEVER... follow-through on the cryptos themselves will be an important factor when it comes to the overall follow-through on the related stocks. Watch for any signs of premarket breakouts...sure...BUT once the market opens, THAT'S likely going to be the determining factor as to the general direction of stocks like BITF for the day/week in my opinion. "Bitfarms announced its production update and that it will be reporting its Q2 2021 financial results on August 16th. In the production results, the company stated that in July it mined 391 new Bitcoin, which set a record for the year. At this rate, it is mining around 12-13 BTC per day. In addition, it deposited almost $70 million in Bitcoin through August 1st. 'We are proud to have added 96% of our 2021 year-to-date Bitcoin mined to our long-term inventory program. As we work to execute on our growth targets, we anticipate adding more Bitcoins to our balance sheet at a faster rate than we have in the first half of 2021.' CEO and Founder of Bitfarms, Emiliano Grodzki. One of the aspects that separates Bitfarms from others is its commitment to renewable energy. Because energy consumption is one of the largest issues with Bitcoin mining, the company states that it uses 99% green hydroelectricity. This is big news and something that other companies are working on as well. So if you’re looking for an interesting pure-play crypto penny stock, BITF stock could be worth keeping an eye on."
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