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.
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"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.
@LetsBeMillionaire, Freestockpick is just an internet troll. He claims to be short MGTI and spams their twitter feed constantly and only comments on my MGTI charts... you know, good ole' fashion internet harassment :)
He's utterly clueless if he's even real.
FREESTOCKPICK
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@LetsBeMillionaire, tHIS GUY HAS BEEN TRUMPING THE STOCK SINCE 2.40.. ITS A DUMP.. I SHORTED AND SOLD OUT.. My videos stand the test of time..
jdharward
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@FREESTOCKPICK, Right. Of course you did. Like it or not we're going to at least $4 this round.
jdharward
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@FREESTOCKPICK, Up 18% on the day - how's your short position working out there?