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It appears all the btc miners are underperforming btc by quite a bit. They usually lead btc.
Internal TA for this stock is the worst I have seen in two or so years. When it gets this stretched out it it would not surprise me to see a pressure relief rally
Btc looks like it wants to go higher. The question around this stock is how much more downside is finally enough?
I don't know which way this stock is going to go from here. It has been in an uninterrupted downtrend since last Oct. Easy to figure out why IMO. Projecting that out in time to nearest Fibonacci support zones is an automatic feature of my software. That is what I posted. It is not a prediction.
This will most likely be the lowest daily and also lowest weekly close in more than a year. Not to worry, there is some fibo support at .07 and then decent fibo support at .04 on the daily chart.
There is a HUGE divergance between the chart of this stock and the charts of btc and miners like mara, riot or hut etc. This stock has gone down steadily since last Oct when there was a revelation of a shocking new item appearing in the qrtly report
A high genuine short position is considered bullish. It requires covering, ( i.e. buying) at some point. The only time the short seller hurts you is during the actual act of selling. However a lot of the short activity on this stock may be arbitrage related.
First China now Russia. The path could not be any clearer.
https://www.zerohedge.com/crypto/bank-russia-calls-full-ban-crypto-mining
What management TEAM are you guys talking about? I am not aware of any TEAM. Is one guy a team? You better look it up boys. While you're at it go back and read the previous report. Pay close attention to the part about the new 16mm preferred issue and where the entire issue went. Back then I asked if he can do that then what is next? So now I found out with the big raise AND bonus. BTW, who owns virtually all of the stockholder equity? Good luck if you are still long you will need it.
In your opinion is there anything to make me think it won't happen again? More importantly is there a reason for any prospective investor to think it won't happen again? Do you think all of humanity might suddenly develop a dislike of free money? I'm willing to listen..
Here's a question.... What if there is ANOTHER $16mill self gift both from and to the ceo? Does that change anything? If not then how about the one after that?
I wonder if that $16 mil pfd somehow figures in to those ongoing concern items.
This is the bitcoin pullback might be necessary I mentioned earlier. I expect there is support at 42.7k and 41.9 and 39.0. Bitcoin is acting normal (right now) IMO. Did not like the INTV opening. Suspicious.
The more bitcoin bangs its head against the current resistance zone, the weaker the resistance gets. If/when btc breaks through there is another little zone around 48k and more substantial Fibo resistance around 51k.
Bitcoin been fighting the 200dma for about 5 days now. Trying to work off overbot by going sideways so far but probably require a small pullback.
Hit that bubblegum resistance and bounced right off like normal
Gap up opening for INTV. If volume starts to come in look out. Bubblegum at about .285
IMO the fact that congress is even arguing back and forth over how much the infrastructure bill will end up affecting crypto speaks to the most important type of adaption. The size, ability and resources for crypto proponents to buy congressmen.
Bitcoin currently through the 200dma resistance is a big deal if it holds.
Kul I appreciate your contribution to this board although I would like to see more balance between bullish/bearish reality. You are correct that I post mostly from the viewpoint of a short term trader. I am always searching for the truth while believing some things in the financial markets such as the truth may evolve over time and so are likely to be temporary thus I am short term only. I sincerely hope ALL the guys on this board make a million dollars.
Infrastructure bill......Obviously this govt wants all the taxes it can get and then some. This was really easy to see coming and why I own Canadian HUT and BITF and not American miners except for INTV. Depending on how this ends up INTV might have to move to another country. Of course those demanding billions in tax and total control of the crypto industry will never give up as long as they are in power so this is just the start of the assault IMO. On the other hand I suppose the Chinese govt secret agents migrating to Texas to mine crypto as a cover probably don't care much about the taxes.
Tons of articles like this all year long. A help for useful cryptos like ethereum and not so much for bitcoin whose only use is a risk on trading vehicle and needs to be replaced. Doesn't mean we can't make money in bitcoin for a while.
https://www.nasdaq.com/articles/the-flippening%3A-what-crypto-investors-should-know-about-eth-overtaking-btc-2021-07-08
INTV has missed bitcoin rallies before, more than once. Then one day it caught up. Bitcoin 200dma is 44855. Expect resistance.
From what I read Genzler said he was only interested in futures related bitcoin etfs. Most articles about crypto 'adaption' are actually bearish for the public. Remember how they tried to sell us on how good bitcoin futures would be for us? Inexperienced guys bought it and suffered for buying the jive. IMO When JPM says they are offering crypto services to high net worth clients they are talking about their professional short clients not you and me. Steve Cohen going into crypto means one more shark in the pond looking for blood. IMO Any Wall St involvement in crypto will end up being detrimental to guys like us and to bitcoin. The more adaption the more operating algos and the more manipulation. AJMO.
As long as we're cherry picking timeframes to fit our own narrative how about INTV up 35 PERCENT over the last 13 trading days!!! Wow! Now if that somehow doesn't cure what ails you how about year to date? That's a pretty common one everybody uses don't you think? Let's see... it was about .03 on Dec 31st last year and now it's about 19 cents so.... is that about 6x ytd? My goodness how terrible! And that includes all the ancient totally and completely discounted oldtime drivel some of you guys are trying to waste everybodys time with. Keep up the good work.
Do you know if that preferred has any type of payout like a dividend or interest?
Old news is anything in print for an hour during trading hours. The stuff today is ancient news. Talking about preferred getting paid first for this stock is laughable. Getting paid what? Book value? What book value? You can have every dime of my share of book if there is even a dime and today only, I'll throw in free of charge my share of good will. Getting hacked has been brought up several times already. You guys are going to have to do much better if you are trying to entertain the rest of us.
Conversation today is old news and really old news. Reminds me of the kind of attack one tries when they want to drive the stock down in order to buy it cheaper.
Tweety I think of it as kind of a stealth dilution however IMO that news is
likely already mostly discounted into the common stock price.
Yeah right. The reason bitcoin is so cool and so much fun is because the intrinsic value is zero. It's 100% hollow, just a waste of electricity. It has no book value no plants and equipment no earnings, no sales, no real estate. Nothing except old technology and a few electrons. No use except as a greater fool 'risk on' trade. Requires new money every day which it desperately needs just to stay alive. The only reason people buy bitcoin is to try to make money and every dime they put into bitcoin makes somebody else rich first.
I sincerely hope it goes to 100k tomorrow if not sooner but if the people calling the shots truly believed bitcoin was capable of going to 100k this year it would most likely already be at 100k from the big rush. If it was such a big bargain at 40k why wouldn't every fortune 500 company borrow money to go all in? As far as that goes, why isn't bitcoin 400k like we were told it would be? Bitcoin is a child of temporary crowd appeal produced by too much excess liquidity. Smoke, mirrors and salesmanship. Hint: find out what percentage of bitcoin owners control over 90% of bitcoin then tell me how widespread it is. Here, I'll even do some of the homework.
https://www.bloomberg.com/news/articles/2020-11-18/bitcoin-whales-ownership-concentration-is-rising-during-rally
Bitcoin was supposed to be 400k by now. IMO there are a ton of guys hoping to get close to even wanting to get out. IMO Woods is trying to get a bitcoin etf going so she can lay the bitcoin off onto the public. Desperate Saylor telling people to mortgage their houses to buy bitcoin and never sell while bitcoin gets cut in half. Ask yourself how come nobody else is issuing debt to buy bitcoin at 'chance of a lifetime' prices going to 100k this year, not even Elon. I love bitcoin because bitcoin = excellent salesmanship and advertising to a perfect audience and little else. It has been a terrific trade in both directions and I expect it to carry on at least for another 18 months or so but consider the inconvenient truth of Dogecoin which was created as a joke but now a joke competitive with bitcoin as a comment about bitcoin and hopefully should not be lost to anyone.
The bitcoin narrative has changed and expanded as time goes on. The narrative of bitcoin's supposed use has changed every time the falsity of the previous one became too obvious to ignore. Think of the audience it's aimed at. It was originally supposed to bypass bank and government barriers, allowing payments for banned items and donations to banned organizations. Then, after markets like Silk Road were taken down, it was redefined as a competitor for Visa. When it failed at that too, it was relabeled as the ideal vehicle for international remittances, then as the way to "bank the unbanked", then as the settlement layer for a promised two-layer network, ... then it was presented as a store of value, a "digital gold". Now that that notion is securely in the toilet along side of inflation hedge, the most recent iteration (another excuse for some type of perceived use) is bitcoin is a 'risk on trading vehicle' as pronounced so by various talking heads on CNBC. In other words IT'S A TRADE (and a great one for now). Don't you wish you had this knowledge months ago? .....Oh wait, you did.
Saylor, Woods et al are praying that other companies are willing go into debt to buy bitcoin. Haven't seen much of that. Why do you suppose that is?
When you say big things, does that include new equity financings?
On the daily chart which is most important INTV has IMO a confirmed double bottom and has been trading ABOVE the 200dma for the seventh straight trading day.
Bitcoin sitting on top of 100dma support. I haven't sold anything yet. Still think it should make it up to and even a little past the 200dma but if it doesn't work out I'm not far from stopping out of mining stocks except INTV.
Great chart. Lots of colors and stuff. As soon as enough people see this it will become completely useless because IMO folks have to stay ahead of what the cannon fodder are doing or seeing.
https://www.newtraderu.com/2021/06/13/wall-street-cheat-sheet/
Bitcoin has had a pretty good run. 200dma is around 44.7k. Big Kahuna of resistance. The stronger the resistance the more the advance is expected to be stopped by it and therefore the greater relevance in breaking upward through it. Two-edged sword.
Likely run into some trouble around 25 cents.