Too high too fast? Will the gaps hurt BITF resumes it's rise to greatness with the application for NASDAQ entry approved. New power contracts, cheap repairs on old units, investment in new miners...provided BTC maintains dominance and the crypto surge continues...this could be a multibagger. @100% now on free riders.
Gaps are never good though and last time the chart went wonky it traded sideways for awhile. Good possibility that will occur again. What I'm hoping for is a correction prior to nasdaq so we enter on good fundamentals.
Bitfarms
BITF ready for strike mode With a new power contract making them incredibly competitive on the NA market, BITF, while sporting a f'd up chart...is ready for more. NASDAQ listing on the way and good things for BTC and the crypto crew around the corner. I'm buying on the flag. I think it's eats the small gap and then it's off to the races. I'm buying more as I can.
Bitfarms (Bearish)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.
Bitfarms projectionBitfarms has 30% higher hashrate than RIOT does. With an uplisting expecting to a major exchange in coming months, the growth of the stock on fundamentals should put it on a higher valuation than blue chip miners. Long term plans for Bitfarms plan to grow from their current 1.3 EH to 8 EH by the end of 2022. Additional growth in BTC should drive the price even further.
1. Currently 30% higher hashrate than RIOT
2. Exchange uplist expected
3. Longterm plans to grow hashrate from 1.3 EH to 8 EH
4. Institutional investment in BTC should drive the price even higher.
A long term price well over $100 would seem reasonable beyond the current fundamental price of $40 shown here.
Bitfarms will stumble and recoverBitfarms will stumble and recover
looks like we are headed for the 7-6 rage - count yourself lucky if you got the $5 deal this morning
