$BITFNo explanation necessary look at the details on the chart. Use the information at your own discretion. THIS IS NOT FINANCIAL ADVICE.
Bitf
BITF BITFARMS (INVERSE H&S PATTERN)Bitfarms Ltd owns and operates blockchain farms that power the global decentralized financial economy. It provides computing power to crypto currency networks such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash, earning fees from each network for securing and processing transactions. The company was founded on October 11 2018 and is headquartered in Toronto Canada.
Bitfarms Reports 38% Jump in Q3 Bitcoin Production From Q2; Shares Climb 16% as Digital Currencies Rally
Canadian bitcoin mining company, on Friday reported production of 1,050 bitcoin in Q3, up 38% from the previous quarter.
The company said it mined 305 bitcoin last month and 2,407 bitcoin since the beginning of the year.
Bitfarms said it deposited 2,312 bitcoin, 96% of output, into custody through the end of September, with a total value of $100 million based on a bitcoin price of $43,500.
The company said it is regularly boosting its hashrate towards its goals of 3 exahash per second in Q1 and 8 exahash per second by the end of next year.
Bitfarms' Nasdaq-listed shares climbed nearly 19% in intraday trading on Friday, and were last up more than 16% as bitcoin's price surged nearly 9% to $47,7209.
BITFBITF long broke out 5.9 resistances and retested and broke looking for 10$ mined more than $MARA and $RIOT
Bitfarms analysis using Fibonacci Circles and PitchforkBitfarms is facing strong resistance from the Fibonacci circle and pitchfork. Direction is not obvious but it is definitely following bitcoins lead so we must wait and see what happens with bitcoin.
BITF - Undervalued to peers, based on BTC minedBitfarms Ltd. is a canadian bitcoin mining company. Resistance at $6.45, as that is highest close and tested that level twice already. The chart basically follows bitcoin, so I am going to write about bitcoin mined compared to RIOT and MARA. BTC mined for BITF in may 2021 = 262, RIOT = 227, MARA = 227. June 2021 = 265, RIOT = 243, MARA = 266. MC of BITF is 5x less than MARA and RIOT. Earnings is Aug 16th, so if there's a pullback . It would be good time for entry.
HUT - Look for 50% Fib extension as resistanceHut 8 Mining Corp. is a canadian based digital asset miner. Look for 50% Fib extension as resistance, $6.82. Right now, Bitcoin is pulling back 1%. Options flow: The Aug 20 expiry, put/call ratio = .11 and Sep 17 expiry , put/call ratio = .05. IV is high with earnings Aug 12th. If you own shares, you can sell puts to capture premium. Good Luck!
BITF Trafic Hour...AgainBITF has gained some ground thanks to the interest and attention on crypto prices this year. After doing a fib retracement using last December's low as an anchor, some interesting areas have been revealed. First, the 50 Fib is a clear area of high traffic. While BITF has managed to trade at these levels, it hasn't had the best time holding above it for extended periods. Furthermore, the next level which is the 382 fib line appears to be an interesting level of resistance as BITF has broken to and above it just 3 times previous and had been denied all 3 times. Considering this "crypto weekend" bitcoin stocks could be first on the watch list on Monday. HOWEVER... follow-through on the cryptos themselves will be an important factor when it comes to the overall follow-through on the related stocks. Watch for any signs of premarket breakouts...sure...BUT once the market opens, THAT'S likely going to be the determining factor as to the general direction of stocks like BITF for the day/week in my opinion.
" Bitfarms announced its production update and that it will be reporting its Q2 2021 financial results on August 16th. In the production results, the company stated that in July it mined 391 new Bitcoin, which set a record for the year. At this rate, it is mining around 12-13 BTC per day. In addition, it deposited almost $70 million in Bitcoin through August 1st. 'We are proud to have added 96% of our 2021 year-to-date Bitcoin mined to our long-term inventory program. As we work to execute on our growth targets, we anticipate adding more Bitcoins to our balance sheet at a faster rate than we have in the first half of 2021.' CEO and Founder of Bitfarms, Emiliano Grodzki. One of the aspects that separates Bitfarms from others is its commitment to renewable energy. Because energy consumption is one of the largest issues with Bitcoin mining, the company states that it uses 99% green hydroelectricity. This is big news and something that other companies are working on as well. So if you’re looking for an interesting pure-play crypto penny stock, BITF stock could be worth keeping an eye on. "
Quote Source & Read More: Blockchain Penny Stocks Are Heating Up, 3 Names to Know
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.
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 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.
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Bearish Gartley, BITFINEXAdvanced pattern setups on Finex. We can see the pattern is forming within what appears to be a rising wedge formation. The rising wedge is a counter intuitive pattern which typically breaks in the opposite direction of the short term channel. The thesis here, is that once/ if we complete our Gartley at 'D' (about $233-4) we would watch for a break of the wedge.
edit : initially i had posted that the completion of the Gartely would help to lead us into two other potential patterns, not taking into consideration that the price action to the Gartley's 'D' point, would invalidate them. Rookie mistake. I left them posted below. Regardless, I'm pleased to see that the pattern completed. Looking for retracements to .382 and then .618 of AD for our TP levels. (about $229 and $224.50)
