Cipher BTC mining - Major upside potentialCIPHER MINING (CIFR) $CIPR
- Inverse Head and Shoulders breakout & retest?
- Above 200 day SMA with turn up
- OBV increasing
- On daily chart we are above the Point of Control which
aligns which closely with purple horizontal
- We could see a retest of this line so I would be DCA'ing from
here in dribbles especially after a big move like this weeks 25% +, regardless I want exposure so ill dip my beak here.
In terms of managing this trade the chart really shows you everything. This is a long term trade with a good risk return ratio. Align the trade with your own risk tolerance and remember to always be patient and keep an allocation aside in case of a lower price entry opportunity. Stop loss is outlined on the chart and should be honored. We can always re-enter the trade at a later date having reviewed the situation. Setting a stop under the 200 day SMA could be used as a trailing type of stop also.
Fundamentals (for fun and stamping the stock into our mind):
- CIPHER appears to be half the size of Marathon Digital Holdings (MARA) which is a well known industry large player
- Cipher have 59,000 mining rigs deployed (MARA by comparison have 105,200 rigs)
- Cipher mined 493 bitcoin in the month of May (MARA by comparison mined 825 in March 2023)
- CIPHER announced record production during the month of May 2023. It appears things are just heating up.
Fabulous Quote from the CEO from back in November 2022 which gives you an idea of the location and their unique offering
“We are delighted to announce that our Odessa data center has begun bitcoin mining operations just 10 months after we broke ground at the site. The start of mining at Odessa represents a critical step in Cipher’s journey to become a market leader in the U.S. bitcoin mining industry. Since going public in 2021, we have built four data centers in Texas and are now one of the lowest cost producers of bitcoin,” said Tyler Page, CEO. “Because of our long-term, fixed price power contract at Odessa, we also have an advantage that few other bitcoin miners have -- the flexibility to mine bitcoin or resell our power to the market, which can help mitigate the effects of falling bitcoin prices.”
CIFR trade ideas
CIFRCipher fib channel. I own riot, but of the Btc miners, cifr is going to make the biggest move next. Then, you must sell cifr, because it’s at the top of the fib channel, while riot is near the bottom of the fib channel, and has a long runway compared to cifr. In general, cifr has the bigger amplitude, but it’s run is getting towards the end. One option can be to play the cifr pop to the .618 or .786 fib, and then move that value over to riot for the long haul.
cifr and inverted head and shoulder cifr mining stock has been down along with bitcoin for over 1.5 years now.
creating IH&S since may 2022 on the weekly chart
now we are at the neckline position. expecting a pump to 10 by end of the year (patience for 6+ months holding for a x3 profits
as fed are expecting to cut rates by SEP 2023'' THIS is an assumption
not a financial advisor
CIFR | Crypto Miner | Good EntryCipher Mining Inc., a technology company, operates in the bitcoin mining ecosystem in the United States. It engages in developing and growing a cryptocurrency mining business that specializes in bitcoin. The company was incorporated in 2021 and is based in New York, New York.
$CIFR Oct 15 - End of Year Idea and price targetsHello, giving a small thought on $CIFR chart.
Recently there was a PIPE unlock that brought this company down to deeply discounted prices. It appears we have bottomed and given the plans this company has for it's hash rate (recent purchase of 28,000-56,000 Bitfury Next Gen Miners for deployment in 2022 and beyond), key hardware partnership with Bitfury, and backing from companies like Fidelity and Morgan Stanley, I see a pretty bright future going into 2022 and beyond for this. Especially if we see Bitcoin continue its breakout into new all time high territory. All of these factors have me thinking we will see this price climb along with overall crypto adoption.
Near term price targets between now and end of year:
PT1: $10.21
PT2: $11.43
PT3: $13.13
Long term Price Targets (assuming a healthy BTC price and successful deployment of its planned 28,000-56,000 Next Gen Miners in 2022 and beyond)
LTPT1: $21.72
LTPT2: $31.97