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...
Short volume is reducing. (short data)
BTC miners in china are down. (see news)
16% global hashrate drop means more profitable mining for BITF.
BTC difficulty will decrease to match so It will be profitable for some time.
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 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...
Ascending Triangle on the daily. Should be a strong upward move up to $8, which challenges the all-time high close on the daily. Could go beyond depending on what the bitcoin price does and if the BTC/USD and Bitfarms high close is broken. Stay long.
Post forming with volume
Descending volume during flag forming
PPS above 50MA and 200MA
RS above 0, but flat
R/R ratio above 5
250RSI above 50
PT = 11.81$
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This little-known Canadian Gem, Bitfarm Ltd in my opinion will continue to gain momentum in the next coming months and years. BitFarms Ltd is a massive Canadian financial technology company that currently runs bitcoin mining machines that solve complex mathematical equations at an industrial level.
What separates Bitfarms Ltd from its competitors is there...
Looks like Bitfarms is correcting down into prior support. We may see a wick down below past support, however I expect it to hold on the close. The mid-term moving average is lining up as will to give this a strong bounce. The macroeconomic environment is still bullish as well. Continue to take advantage of this dip by adding to your positions.