This has not been a good week for MGTI. Throughout October MGTI has been getting beaten up by shorts but this week. Today was a doozy with MGTI dropping 13% on double average volume (2m vs 1m avg).
Low of $1.63% bounced off (exactly) 38.2% FIB level from $4.26 High. Next support level is $1.30 if we fail to hold here.
Despite nothing but positive news in October, MGTI has declined 46% from the 10/2 high of $3.05. Why?
Short conspiracy? I'm starting to wonder...
Good news this month
Sentinel commercial release Oct 2.
Mining operations dramatically increased; business agreement nets MGTI all profit with very little cost.
60 Peta hash by Q1 2018 -- translates to mining 350 BTC per month vs 100 BTC currently. Monthly revenue to be north of $2M.
BTC achieves ATH of $61xx and holds support at $5500-5800.
Good news to come - catalyst to reverse this awful trend:
Update on sentinel and hopefully some sales figures
Sentinel begins shipment Nov 1.
Q3 2018 earnings Nov 9 or 15th.
So everything in BTC, news and the chart says we should be at $5-6 right now but we're not. Why?
MGTI being a OTC stock is vulnerable to manipulation. If MGTI going to the moon is obvious to me, you can believe its obvious to those who know more then I do. We saw double volume (mostly short) today on no news and we know we're going to see positive PR next week and fly within the next 2 weeks following Q3 earnings.
This seems to suggest there is an effort to shake the "weak hands" as they say. HODL and you will be rewarded.
Low of $1.63% bounced off (exactly) 38.2% FIB level from $4.26 High. Next support level is $1.30 if we fail to hold here.
Despite nothing but positive news in October, MGTI has declined 46% from the 10/2 high of $3.05. Why?
Short conspiracy? I'm starting to wonder...
Good news this month
Sentinel commercial release Oct 2.
Mining operations dramatically increased; business agreement nets MGTI all profit with very little cost.
60 Peta hash by Q1 2018 -- translates to mining 350 BTC per month vs 100 BTC currently. Monthly revenue to be north of $2M.
BTC achieves ATH of $61xx and holds support at $5500-5800.
Good news to come - catalyst to reverse this awful trend:
Update on sentinel and hopefully some sales figures
Sentinel begins shipment Nov 1.
Q3 2018 earnings Nov 9 or 15th.
So everything in BTC, news and the chart says we should be at $5-6 right now but we're not. Why?
MGTI being a OTC stock is vulnerable to manipulation. If MGTI going to the moon is obvious to me, you can believe its obvious to those who know more then I do. We saw double volume (mostly short) today on no news and we know we're going to see positive PR next week and fly within the next 2 weeks following Q3 earnings.
This seems to suggest there is an effort to shake the "weak hands" as they say. HODL and you will be rewarded.
Note
"Double Top" should be "Double Bottom". :)Also saw the long-term channel was off :)
I made this chart then accidentally reset it. Re-did it in a hurry before a meeting.
Everything on the chart + news + speculation says MGTI should be rallying but we may just have to wait for next week. I wouldn't be totally surprised to see it drop to the 1.30 support before rallying hard. 2018 is where this stock will really shine.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.