BITF Technical Analysis - BITFARMS LTD/CANADA

Technical Rating and Analysis

Taking everything into account, BITF scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, BITF has proven to be a steady performer, scoring decent points in every aspect analyzed.

Both the short term and long term trends are positive. This is a very positive sign.

BITF is one of the better performing stocks in the Software industry, it outperforms 95% of 62 stocks in the same industry.

BITF is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so BITF is lagging the market slightly.

Volume is considerably higher in the last couple of days, which is what you like to see during a strong movement up.

BITF has an average volume of 9086710 traded shares per day. This is a good sign as it is always nice to have a liquid stock.

Looking at the yearly performance, BITF did better than 97% of all other stocks. However, this relatively good performance is mostly due to a recent big move.

In the last month BITF has a been trading in the 3.46 - 9.27 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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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 present a decent entry opportunity 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

5.05

7.07

When analyzing the support we notice one important area.

A support zone ranging from 5.10 to 5.15. This zone is formed by a combination of multiple trend lines and important moving averages 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	97.62	POSITIVE	BITF.CA has a high relative strength, it outperformed 97.62% 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)	65.77	NEUTRAL	The RSI value for BITF.CA is a neutral value.
Moving Average Convergence Divergence/MACD (12, 26, 9)	0.27	POSITIVE	The MACD value suggests BITF.CA has a positive trend, although the MACD value is declining.
Stochastics (14,3)	74.96	NEUTRAL	The Stochastics value for BITF.CA is a neutral value.
Average True Range in percent/ATR (20)	10.4	HIGH VOLATILITY	The high ATR as a percentage value for BITF.CA suggests high volalility.
Average Directional Index/ADX (14)	58.28	POSITIVE	The high ADX value value for BITF.CA suggests a strong trend.