We're completing the 4th (corrective) waive right now. A perfect storm is on the horizon and MGTI is about to reverse and head to the moon.
Here's why:
1) Notice how we're stick around key Fib levels.
2) Support $1.91 - also the bottom and we'll go up from here.
3) Increased institutional investment; 16% of shares currently.
4) Huge gap between BTC price and MGTI share price that began 10/2/17. GBTC has also diverged all though has done better in the last 2 trading days.
5) Sentinel begins shipment Nov 1. McAfee twitted they've been working hard on sentinel and will update share holders next week.
6) 2017 Q3 earnings comes out Nov 9 or Nov 15th. MGTI deployed 600 mining rigs mid-August. Expect EPS to reflect marked improvement over previous quarters.
7) MGTI will have full deployment of 4700 rigs and another 50 rigs mining Etherium by Q1 2018. That's 60 peta hash. Expect share price to be $5-6 by this time.
8) $12-15 share price summer 2018 based on continued bitcoin price appreciation and expansion of mining rigs and investment partners to MGT.
Lots of good things coming, why is the stock so depressed? In a nutshell, Bears & short sellers are relentless and the proof in earnings isn't released yet. Didn't help when the CEO sold 100K shares at 2.75 on 8-28 and a director sold 100K shares at the top for $3.85 (or 3.95) on 8/30.
But then again, can you blame them?
I am LONG with MGTI. This has already been a top performing stock of 2017 and I think 2018 is going to below everybody out of the water.
Here's why:
1) Notice how we're stick around key Fib levels.
2) Support $1.91 - also the bottom and we'll go up from here.
3) Increased institutional investment; 16% of shares currently.
4) Huge gap between BTC price and MGTI share price that began 10/2/17. GBTC has also diverged all though has done better in the last 2 trading days.
5) Sentinel begins shipment Nov 1. McAfee twitted they've been working hard on sentinel and will update share holders next week.
6) 2017 Q3 earnings comes out Nov 9 or Nov 15th. MGTI deployed 600 mining rigs mid-August. Expect EPS to reflect marked improvement over previous quarters.
7) MGTI will have full deployment of 4700 rigs and another 50 rigs mining Etherium by Q1 2018. That's 60 peta hash. Expect share price to be $5-6 by this time.
8) $12-15 share price summer 2018 based on continued bitcoin price appreciation and expansion of mining rigs and investment partners to MGT.
Lots of good things coming, why is the stock so depressed? In a nutshell, Bears & short sellers are relentless and the proof in earnings isn't released yet. Didn't help when the CEO sold 100K shares at 2.75 on 8-28 and a director sold 100K shares at the top for $3.85 (or 3.95) on 8/30.
But then again, can you blame them?
I am LONG with MGTI. This has already been a top performing stock of 2017 and I think 2018 is going to below everybody out of the water.
Trade active:
Here we go!
No news or direct catalyst I can point you to as the cause. Just coordinated short pressure dropping the price on 2x average volume. (2 million shares traded vs 1 million average).
There does appear to be some manipulation going on here - kind of the plague of penny stocks. My bet is bigger players in the know can see where MGTI is going to over the next few months and they are making a coordinated effort to drive the price cheaper and shake out "weak hands".
Buyers of MGTI today can reasonably expect 2-3x returns within the next 3-4 months. Q1 2018 is going to be MGTI's time to shine. (Full deployment of 4700 mining rigs that quarter)
Sad to say, this trend may continue all the way down to the next support level of $1.30 before bouncing strongly higher.
Once we do turn around though, it's not going to be a gradual climb to $2, $3 and then $4. We're going to shoot up 20-30% in a single day or two. When MGTI moves with a bull, it tends to move HARD.