Nice confluence between the 1.618 fib extension and the cup and handle breakout target.
Going to play catchup on big brother and sister RIOT and MARA ;)
GL.
I want to make a disclaimer before beginning my analysis. Argo Blockchain is highly dependent and volatile stock due to it being a mirroring stock on the price of bitcoin. If you are not able to take days or even weeks of uncertain volatility, please stay away from this stock. However, with bitcoin being at such a high and less volatile (percentage wise) asset,...
NOT a financial advice, trade at your own risk!
LONG term EXTREMELY BULLISH if you believe in #bitcoin power.
Mining rig was too expensive for me, so why not to have hash power provider stock?
BTC/GBP price movements tend to preceded simular movements of Argo Blockchain stock (a British company which reports in GBP=. As cryptocurrency miners their profit is heavily dependent on the price of Bitcoin.
As BTC price seems weak at moment & with seller at hand I failed to see any bullish case here at moment but could be wrong.
I have this company on watchlist with big interest, best to be patient & look to enter at ideal price level with unstable markets.
Next support level at 3.72p- 4.24p
At the moment there is weakness but as crypto tends to improve around xmas time we could well see a nice uplift in this company
They specialise in mining Bitcoin among others.
6p to 7p support level
6.88p is 50% retracement of the highs
5.88p is 61.8 fib retracement
Scaling in 6p-7p looks like a good level.
