MGTI achieved a share price of $8 this morning on heavy volume. $8 is the 161.8% mark of the previous high set in 2016.
Driving factors for price decline:
Extremely overbought levels. BTC price currently under attach by BCH and in decline Already in progress.
Expect to see a 5 impulse wave correction. Buy level $4.10 to $3.83. Predicted price in January 2018 -- $10.63 -- target price assuming the chart is correct :)
A quick note on the decline of BCT and it's effect on MGTI's price. The truth is MGTI makes matter regardless of what the price of BTC does. Price goes down, difficulty goes down and they mine more coins. Price goes up, they sell the fewer coins for more money. They can mine whatever is most profitable which makes them a hedge in the Bitcoin Core vs Bitcoin Cash war taking place. (BCH wins. Its happening rather you like it or not)
MGTI is a long term buy -- but you can buy shares a cheaper price in the coming days.
Good luck!
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Update -- still trending down.
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Long term strong buy but you *might* be able to get a better price from current levels.
We're getting very close to buy levels around and below $4. Buying here ($4.25-4.40) would not be a bad idea if you're a conservative trader. I expect MGTI to MOON this year, especially once it's uplisted to NASDAQ... which will give us call and put options!! :)
It is possible the price rebounds around here (the 4.25 level) - this was the previous high from the August pump and should act as support. Just a question of how strong that support is, especially if/when bitcoin starts correcting down. further.
Right now, the trend is still downward. There's also that investigation into allegations of fiduciary misconduct by a law firm out of New York. Not much info on that so I can't comment on it, other then to acknowledge it's existence and possible market impact.
If Bitcoin does actually go as low as 8k then I think that may give an opportunity to buy around $2 or under.
I've seen some incredibly aggressive short estimates that take BTC all the way down to 2k... which, would only happen if the flippening were to take place.
Doesn't have to be bitcoin cash even, at this point it could be Ripple of all coins, lol. Seems like 2018 is going to be the make or break year for Bitcoin's title as "King".
Just remember, MGTI as a mining company is auto-hedged to mine any coin that requires mining. The potential problem could be if miner less coins take over in market cap dominance. Just remember the best time to buy is when everyone else is running for the hills.
Whenever you buy, plan to HODL like you would a coin. I'm expecting $20-30 in 2018. Possibly higher if Bitcoin actually does reach 100K by June.
Hi JD. I just saw a news article on Yahoo finance today that 2 new York law firms are beginning an investigation into possible fiduciary violations by vertían mgti directors. Do you think this will affect the stock price in the near term? Do you think that GROW would be a safer choice in this situation?
jdharward
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@basilio2, I saw that too. To be honest, I wouldn't be surprised. I think this could send the stock lower. Press play on the chart and so far it's pretty spot on. I'll probably starting accumulating shares once it drops below $4.00 but I think $3.11 is possible. With the investigation, that could drop it below $3. Wish I had more info on it.
cjcarner
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Seems your price target would be early Jan given the rapid decrease in price to your lower limit, yes? Thanks for the heads up on this one, good call.
jdharward
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@cjcarner, Given how quickly Crypto moves and BTC is at 14.5k on some exchanges (15.3 on gdax) we could hit the buy back price as soon as Tuesday 12-26. I'm looking for a sub 4 entry.
With how volatile this is would you recommend a limit buy at 4.5 or try to ride it down to 4.0.
jdharward
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@joeltrog, It could only retrace back down to 4.26. Perhaps buy back at $4.50 and $4.0.
jdharward
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@jdharward, Mgti has a history of retracing to .382% of the high; which would put MGTI at around $3.11 in this case. That seems low to me but this stock can surprise oneself.