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 1,920 PH/S.
After ralling from 28 cents to a peak of 33.00, and then correcting back down to 3.97, traders should be aware of the extreme volatility inherent in the Bitcoin Mining sector.
Bit Digital Elliottwave View:
Medium 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 within the blue box extreme area where buyers have begun to enter for a bounce. Right now, it is favoured that the instrument is in the middle of an initial wave (1) advance. It is important that we do not chase, and only trade clear structure pullbacks to blue box extremes in 3, 7 or 11 swing. The next area above where above pullback can take place is the 14.56 area.