Bitfarms has had a clear rejection of the bottom trendline and didn't even respect the 50 MA (which it did the last time it touched it on Jan 27 and 28). Those factors accompanied with a crossing of the 9 and 20 EMA mean I am bearish.
It's a shame too because Bitcoin mining should do well as Bitcoin has been on a tear, plus they've applied for an uplist to Nasdaq in late February. If Bitcoin keeps rising and Nasdaq approves their uplist I expect the bearish technical analysis to reverse. But we're not there now. So, I'm bearish for now.
I still see this company competing with the likes of MARA and RIOT once they get listed on a US exchange.
tor1n
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if you understood bot trading it will simply just touch the previous ATH and rip up without you. bearish short term i agree.
jarchibald
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@tor1n could you explain this more? What do you mean?
tor1n
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@jarchibald, was easier to let this play out then explain, lots of bots just hunt for buyers and when they find them they flip and go back the other way until they find sellers , this is caused by people with big bags and a bot to do the trading. as you can see it went back and retested the previous ATH ( ignoring blow off 2nd run) and took off without everyone that sold and was gonna 'wait' there is now a gap that may provide another entry below this price point , but in the end , you missed the bottom if you are waiting.. or at least late for the swing trade.
jarchibald
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@tor1n, this is very interesting. definitely not something i'm familiar with yet. i am new to this and trying to learn all i can.
tor1n
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@jarchibald, like over 90% of the stock market is computer trading , and algos at work. you will not win unless you understand how they operate, in my opinion you go wick to wick for trendlines , and personally i always use a log chart as trend lines are more mathematically aligned , which computers like as the algos and comptuers are simply code written by lazy people in the end.
I still see this company competing with the likes of MARA and RIOT once they get listed on a US exchange.