$BITF - Time to Shine?

This stock have been relatively unimpressive since its big rally in March 2024.

Bitfarms Ltd. presents a compelling bullish opportunity for investors as the company positions itself for significant growth. Despite underwhelming performance since its March 2024 rally, recent developments suggest potential for higher prices in the months ahead.

With Bitcoin crossing the $100,000 mark, Bitfarms is well-positioned to capitalize on increased cryptocurrency adoption. Its synthetic HODL strategy, which saw a 286% rise in long-dated Bitcoin call options, reflects confidence in higher Bitcoin prices, further supporting its bullish outlook

In conclusion, Bitfarms’ strategic upgrades, market positioning, and Bitcoin’s bullish environment support a favorable outlook. Investors seeking exposure to the cryptocurrency mining sector may find an attractive candidate for medium- to long-term growth.

I will post further Exit/ TP objective as we see move out of its current consolidation.

Trade active

Current price @ $2.29

We can look for Buys here or lower - if the opportunity presents itself.

Note

Current Dealing Range 1
$1.65 - $3.28
Fib 0.50 = Fair Value = $2.47

Buys at $2.47 and lower = Discount for buys.

Note

Looking for Buys under the $1.65 Low

Note

$1.65 Low taken = Buy limit active

Note

Dealing Range 2 Low has been taken!

Im expecting lower prices on still - its likely we may see trade lower into the Monthly + OB price of $1.27

Note

Looks like our low is in place after taking the Dealing Range 1 & 2 Lows!
Note that in my last post there is now just a single "Dealing Range".

The current Dealing Range High to Low is $3.91 to $1.48.

As of today there is now a Break in Market Structure (BMS) confirming the bottom is in! Looking for higher prices going forward 🚀

Order cancelled

Please follow the updates via NEW POST - Link below ⬇️

WolfAdams

Related publications

BITF - Long / Buy Entry

by WolfAdams

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.