With Bitcoin having rallied over 40K from the March 2020 low, Crypto and Blockchain markets continue to show potential. Bit Digital is a company that experienced a large vertical rally in late 2020. After that, it has been correcting the whole rally in a large wave II.
Bit Digital touts itself as one of the world’s largest publicly-listed bitcoin mining companies. Bit Digital is a sustainability-focused generator of digital assets with large-scale, global mining operations representing a currently-owned maximum hash rate of 1.603 EH/S
After ralling from 28 cents to a peak of 33.00, and then recently declining to a low of 3.39, traders should be aware of the extreme volatility inherent in the Bitcoin Mining sector. Lets take a look at the charts.
Bit Digital Elliott Wave view daily
Longer term term view from the all time low in March 2020. In Summary, there was a 5 waves advance with a very extended 5th wave. This impulse peaked in January 4/2021 at a price of 33.00. After that, a long pullback has taken place. This pullback found support in July 2021 where a bounce in ((X)) took place. It has been very choppy since the major peak in Early 2021. With the most recent data and momentum RSI Readings, it is favoured that this stock has struck a low at the recent Jan 28/2022 low. This date has proven to be a market wide cycle low date. For now, as long as prices remain above the Jan 28 low of 3.39 further upside is favoured to take place.
Bit Digital Elliott Wave view 1h
Shorter cycle view from the Jan 28/2022 low. Bit Digital shows a clean 5 waves higher into the Red 1 peak. Red 1 peaked on Feb 10 @ 5.25. Momentum is suggesting that a pullback to correct the rally from Jan 28 is underway. There is 5 waves down into ((a)) presently, and now a reaction higher. The expectation would still be for another swing lower in ((c)) of Red 2, before moving higher. As long as the low of 3.39 remains intact, further upside is favoured to take place after ((c)) of 2 is set.
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.
Recommended content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800, as traders lack directional impetus amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.