Bitfarms Ltd has sold more than 16% on Aug17. It has recently printed its second-quarter earnings on 16th August. The miner stock of bitcoin and altcoin has been very volatile as it got affected by the wild fluctuations in the market of crypto.
The Toronto-based company has seen very strong growth when it has printed its results. The revenue of Bitfarms has increased up to398% over the previous quarter. From its mark of $29.3 million, it has reached up to $36.7 million. It has mined 758 bitcoins during its quarter with an average cost of $9000 per piece.
On Monday, bitcoin broke up from its daily bull flag before entering into its period of consolidation at the mark of 50K level. If bitcoin keeps ascending in the coming time, then the Bitfarms’ stock will follow and can probably break its form of a bullish pattern.
BitFarm’s stock has hit a higher mark of $7.47. Then it entered into the period of consolidation. Its surge in price had been paired up with the consolidation. It has caused the stock to take the shape of a bull flag pattern with the pole, which was created between 3rd-11th August.
On Monday, Bitcoin stock made its attempt to break up from the flag in a bullish manner. But it has failed at its upper descending trendline and wicked out from it. This rejection has caused the sellers to come within the stock, and Bitfarms fell near3% lower intraday. But it was still holding the support on the eighth-day EMA.
As bitcoin hit its new high on Aug11, its relative strength index had measured almost 80%. It has oversold the territory, and also it has sold a signal for all the technical traders. As BitFarms again hit its level back on19th Feb, the stock sold at almost50% over the following trading of 10 days.
Bitfarms is now trading above 8 days, and it is 5% above its 21days of EMA with its 8-day trading above 21 days. Both of them are bullish indicators. Bitfarms is now trading above 200 days with its simple moving average. It indicates overall sentiment in the stock is bullish.
Bulls want to observe a bullish volume coming in and to drive the Bitfarm’s stock up with the upper descending trendline of the flag formation. Also, it is over an upper resistance level. As it is supporting, it has the room to head towards $7.48.