Bitfarms is fine for a long-term hold 💎 Don't forget that Bitfams is still only about 1/2 way through its ATM offering. Hard to have upward price momentum when the company itself is adding considerable sell-side pressure.
Last info was that it was 22% complete ($111 / $500 Million) as of November 12, 2021. Average exercise price was $5.75 to $6.06 / share. They did secure $100 Million of alternative funding a couple of weeks ago that is not convertible to equity, which tells me that they likely suspended the ATM while prices are depressed and they probably did not sell much in December or January.
In their latest financial disclosures the management warned of continuing share dilution citing the ongoing ATM and seems to be expecting to run out the offering this year. Best case I would not expect prices to rise significantly above the $5.00-$6.00 until the ATM is complete. In terms of timeline they ran through ~20% in two months, so if they are selling 10% of the issuance per month expect the ATM to continue another 6-7 months, i.e. through Q.2 2022. (Assuming that they continued to sell through the down market -- if not it may last well into the second half of the year.)
Bitfarms is fine for a long-term hold, but day trading is pointless until the ATM is finished.