Bitfarms has had a clear rejection of the bottom trendline and didn't even respect the 50 MA (which it did the last time it touched it on Jan 27 and 28). Those factors accompanied with a crossing of the 9 and 20 EMA mean I am bearish.
It's a shame too because Bitcoin mining should do well as Bitcoin has been on a tear, plus they've applied for an uplist to Nasdaq in late February. If Bitcoin keeps rising and Nasdaq approves their uplist I expect the bearish technical analysis to reverse. But we're not there now. So, I'm bearish for now.
It's a shame too because Bitcoin mining should do well as Bitcoin has been on a tear, plus they've applied for an uplist to Nasdaq in late February. If Bitcoin keeps rising and Nasdaq approves their uplist I expect the bearish technical analysis to reverse. But we're not there now. So, I'm bearish for now.