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BITFARMS LTD

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BITF trade ideas

BITF -Bitcoin Mining Company - Huge Expansion PlansBitfarms Ltd engaged in the cryptocurrency Mining industry mainly consists of selling its computational power used for hashing calculations for cryptocurrency mining in multiple jurisdictions. Its geographic operations are currently located in Canada, the United States, Argentina, and Paraguay. It owns and operates server farms comprised of computers designed to validate transactions on the Bitcoin Blockchain. Besides this factor, Bitfarms has undertaken aggressive expansion plans. The Bitcoin miner reported a hash rate capacity of 10.4EH/s in Q1 2024. The company is aiming to boost capacity to 21EH/s by the end of the year and further to 35EH/s by 2025. Breakout Zone: $3.30 Action: If the stock breaks above this area with strong volume, it might signal a continuation of the upward trend. Resistance Points: $3.80 $4.50 (TP1) $5.00 $5.80 (TP2) Surpassing these levels could signal a positive trend. Consider taking profits at these stages to realize gains. Trading Strategy: Take Profit (TP): Target 4.50 or at 5.80 capitalize on the anticipated price gap closure. Stop Loss (SL): Set at under $2.30 to mitigate potential losses. Chart Analysis: Please refer to the attached chart for detailed analysis of price trends and movements. Trading Advisory: Exercise caution and consider market conditions and your own risk tolerance when trading. It's advisable to conduct comprehensive research or consult with a financial advisor before engaging in trading activities. Disclaimer: This content is for informational purposes only and should not be considered financial advice.
NASDAQ:BITFLong
by meitshels_smell_trades
2
BITF 7/21 2.5C/3C - $3.78 TPShort term options trade idea 1. HTF Bullish Chart Structure - 3D and 1W bullish engulfing bars, 1M bullish reversal bar - Higher-High, Higher-Low bullish structure from January to March - Textbook bottoming/reversal pattern during April/May suggesting a continuation instead of a breakdown of the H/h, H/l trend - Since the low at $1.53, price action has broke through resistance at $2.11, confirmed the subsequent R/s flip and started a new H/h ($2.58), H/l ($2.14) trend - With price action closing the week at $2.87 (new H/h), a bullish continuation is warranted 2. Open Price Targets Above - EBs at $3.08 and $3.38 3. Clear Support/Resistance Levels - 4H support at $2.33-$2.58, 4H resistance at $3.78-$3.90
NASDAQ:BITFLong
by EMCtoken1929
1
BITFARMS MORE PAIN TO COMEHi Folks Bitfarms has been really struggling for the last few months yes it has made some gains here and there but nothing compared to it's competitors such as Cleans park, Riot etc and has been overall bearish. Due to the recent FUD regarding the former CEO suing Bit farms for $28 million dollars the uncertainty is even higher for this miner. From my analysis we can see we are beneath a bullish order block, the stochastic RSI is down and may stay down a long time. The next area of interest is $1.10 or even lower yes I am telling you Bit farms may fall under a dollar which may be a great buying opportunity. Expect more to the downside for this stock before any upside
NASDAQ:BITF
by bacurrie45
5
BITFARMS LTD inverse head and shoulders patternBITFARMS LTD (BITF) has, like the cryptocurrency market in general, experienced a bear market in recent years. However, with the halving approaching, things are looking brighter for Bitfarms. From May 2022 to December 2023, the stock has formed an inverse head and shoulders pattern, suggesting that buyers have the upper hand while sellers have lost momentum. This is evident in the October 2023 chart, where sellers failed to establish a new bottom. Instead, buyers took control and broke through the resistance (area of value) on December 8, 2023. After a pullback, a new opportunity has now arisen. I went long yesterday when the stock formed a hammer candlestick in the area of value. The stop-loss is set below the area of value and the trendline at 8.25%, while the price target is set at the resistance of 78.33% . The risk-to-reward ratio is 9.5. What are your thoughts on the future of BITF?
NASDAQ:BITFLong
by renasjalal
BITFARM a penny cryptominer LONG CONTINUATIONOn the 15 minute chart BITF did 25% this week as Bitcoin climbed over 45,000. It is running hard with lots of its peers. IF BTCUSD trades up all weekend there will be continuation. The best options which closed Friday afternoon did 5X overnight, some of the peer's had 5-13X. The RSI indicator and ZL MACD are supportive. the Stochastic adjusted to a period of 14 x4=56 is getting overbought. All depends on BTCUSD ( and ETHUSD) as stablecoin high market caps over the weekend. My options are open and rolled into the following Friday.
NASDAQ:BITFLong
by AwesomeAvani
BITF: Looks Pretty NiceI dont know much about this miner, so I cant quite speak about anything more than what im seeing on the charts. But from what I see here reminds me of MARA where it is finding some support at the upper value area of the previous range. You also have the 100 Day moving average right below, as well as the previous range point of control. This range is between $1.20 and $1.50 which shows me some strong confluence. I wouldn't mind picking up this stock at those levels.
NASDAQ:BITFLong
by afurs1
Bitfarms (BITF) Retest of ResistanceBItfarms is another Bitcoin miner that is having huge volume surge and broke through previous resistance. It tested support yesterday and I would trail my stop just below 2.13. BItfarms have invested heavily into newer machines to tackle Bitcoin halving and they are expanding into Paraguay. The location is well thought out as Paraguay has better governance when it comes to South America. Momentum is on the rise, I am bullish on Bitcoin. This stock does have the potential to do multiples from here. It's relative strength in the sector.
NASDAQ:BITFLong
by Kemsdale