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Your comment is not going to age well. If you really think 50p is off the table when this was 1.40 a couple of weeks ago, you are hoping rather than basing this on facts.
Can we see the transparency of your working on that 90p and -20% calculuations? Not to attack you with it, I'm genuinely interested to see how you arrived at this figure as it could be insightful.
Technical analysis shows that BTC just broke through the last support before the next one at 30K is retested. Given we know there is a relationshiop between BTC and Argo, people are stuck like a rabbit headlights hodling a depreciating asset.
I sold and will wait to see how far this falls before picking up more. I'm not stupid enough and I worked too hard for my money to now exercise some risk management.
My plan is to add the same £ value as I sold but end up with maybe 15% more shares whilst excecising risk management once the inevitable price falls now that BTC broke support at 32K.
Yes true, but people who do not have any risk strategy in place must be prepared to lose everything. My view is it's better to take a 10% loss on the shares I hold if I later buy back at a slightly higher price after BTC shows some strength than to show everyone how huge my balls are as I have zero risk strategy and are so bone headed that I'm willing to lose everything in the name of pride.
I'm not making an argument against BTC and therefore Argo long term. I am making an argument for the short term positive and people not standing by idly as their money evaporates. Fundamental technical analysis shows there is weakness in BTC with negative volumes much stronger than positive and the last support before 30K is about to be breached causing a retesting of 30K, therefore Argo to fall further.
This type of macho speak is not helpful. Prudent investors use risk mitigation, they don't stand by idly as they watch BTC leap into bearish territory and watch their money evaporate. With BTC positive volumes so low, this is looking to retest 30K today. I sold as I am not stupid enough to watch all my money dissapear in a show of testosterone and strength. Once BTC looks in healthier shape, I will rejoin.
Selling short term to prevent anymore lesses is like buying price fall insurance. There may be a small cost in the short term, but it prevents a complete wipe out of my hard earned money. I'll buy back later but I'm not stupid enough to stand and watch as my hard earned money evaporates. After all, the whole point of buying a BTC related equity and not BTC directly was so that I could react pre-emptively to based on BTC price changes. Direct BTC owners cannot act premptively to BTC price action. I've strategically opted to invest in ARG for this reason so it seems remiss not to act on clear bearish price action.
There's no telling how far this could fall given how bearish BTC is right now. I sold today as insurance against further portfolio damage. I am long term bullish on BTC so will buy in once a certain recovery has been retablished. It's prudent not to stay on board the titanic and use some level of risk management. You can always buy back in once BTC regains traction.
I think anyone who knows the basics of TA will see that ARB is in a consolidation phase after a giant ramp up in recent weeks. This is bullish price action where it will form a triangle before the next breakout. Healthy and sustainable. Conversely BTC just went parabolic which is why we had an alarming correction this week which is being worked through. Once again, be patient. If you are right about your conviction, the market will judge you as such due course. Until then, have some dignity.
Relax people, Rome wasn't built in a day. The shares are up 18% in one day and you're having a meltdown. There's only so fast a stock can move because investors don't want to think they are buying at the highest price of the day. The critical metric you are missing is: time.
Riot are adding capacity from between May to October as per my source below. I'm trying to get a feel for an apples to apples comparison, how much between Riot and Argos full annual capacity after full deployment. Argo will have 1075 petahash and 20.5K machines (of varying spec) whilst Riot will have 3.8 EH rate and 37.6K of machines. That's what I've been able to dig up but the metrics don't seem to be comparable. Anyone got any ideas?
https://www.globenewswire.com/news-release/2020/12/21/2149024/0/en/Riot-Blockchain-Purchases-Additional-15-000-Antminers-from-Bitmain-Expanding-2021-Total-Hash-Rate-Capacity-Over-3-8-EH-s.html