BITF Technical Analysis - BITFARMS LTD/CANADA

Technical Rating and Analysis

Taking everything into account, BITF scores 9 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, BITF is showing a nice and steady performance.

The long and short term trends are both positive. This is looking good!

BITF is one of the better performing stocks in the Software industry, it outperforms 92% of 65 stocks in the same industry.

BITF has an average volume of 5822890 traded shares per day. This is a good sign as it is always nice to have a liquid stock.

When comparing the yearly performance of all stocks, we notice that BITF is one of the better performing stocks in the market, outperforming 93% of all stocks. However, this overall good ranking is mostly due to the recent strong move.

BITF is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so BITF is lagging the market.

In the last month BITF has a been trading in the 1.71 - 4.96 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Volume is considerably higher in the last couple of days.

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Technical Analysis

Relative Strength

ChartMill Trend Indicator

Simple Moving Average

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Weekly and Daily overview Charts

BITFARMS LTD/CANADA / BITF Weekly stock chart

BITFARMS LTD/CANADA / BITF Daily stock chart

Setup Rating and Analysis

Although BITF has an excellent technical rating, it does not offer a high quality setup at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first.

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ChartMill Technical Ratings

Pocket Pivots

Bull Flags

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Support and Resistance Analysis

1.69

3.60

We found 4 important support areas.

A support zone ranging from 3.55 to 3.55. This zone is formed by a combination of multiple trend lines in multiple time frames.
Support @1.97 from a trend line in the daily time frame.
Support @1.83 from a trend line in the daily time frame.
Support @1.71 from a horizontal line in the daily time frame.

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What is Support and Resistance

Support and Resistance indicators

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Technical Indicator Signal Analysis

The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.

Indicator	Value	Signal	Comment
ChartMill Long Term Trend Indicator	UP	POSITIVE	The long term trend for BITF.CA is up.
ChartMill Short Term Trend Indicator	UP	POSITIVE	The short term trend for BITF.CA is up.
ChartMill Relative Strength	93.82	POSITIVE	BITF.CA has a high relative strength, it outperformed 93.82% off all stocks on the market.
Simple Moving Average/SMA (20)	UP	POSITIVE	The current price of BITF.CA is above the rising SMA(20).
Simple Moving Average/SMA (50)	UP	POSITIVE	The current price of BITF.CA is above the rising SMA(50).
Simple Moving Average/SMA (200)	UP	POSITIVE	The current price of BITF.CA is above the rising SMA(200).
Relative Strength Index/RSI (14)	61.33	NEUTRAL	The RSI value for BITF.CA is a neutral value.
Moving Average Convergence Divergence/MACD (12, 26, 9)	0.01	POSITIVE	The MACD value suggests BITF.CA has a positive trend, although the MACD value is declining.
Stochastics (14,3)	61.18	NEUTRAL	The Stochastics value for BITF.CA is a neutral value.
Average True Range in percent/ATR (20)	10.65	HIGH VOLATILITY	The high ATR as a percentage value for BITF.CA suggests high volalility.
Average Directional Index/ADX (14)	49.55	POSITIVE	The high ADX value value for BITF.CA suggests a strong trend.