BITF -Bitcoin Mining Company - Huge Expansion Plans
Bitfarms 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.
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.
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