MGTI - Update after 10-25-17 -- Long shake down
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.
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.