#Gold #WallSt We’ve received a pile of emails regarding this share price, some from folk dazzled by the confluence of “Blockchain”, “Cryptocurrency”, “Mining” on the company website. We’re surprised they didn’t go the full hog and mention “Covid-19”, “DNA”, and perhaps “Alien Technology”. As usual, there’s a painful lack of concise explanation for just what “Blockchain” actually is, other than a buzz word capable of causing excitement.
Put simply, Blockchain is simply a way of transferring something from my computer to your computer but in a way which allows anonymity. The once popular website, “Pirate Bay”, facilitated a similar task with Movies, Music, Software, and Games. “Pirate Bay” stored nothing, other than a list of computer codes which led to the required data. Any computer would do, as long as it was connected to the internet. A user wanting the latest ‘Spice Girls’ release could browse Pirate Bay, then use Peer to Peer software to download whatever they were wise enough not to spend money on. The music (or whatever) would wing its way from the computer hosting the track to your own computer. It was anonymous with the network equally allowing other users to download anything permitted from your PC. The world DID NOT have access to your computer, only whatever folder or files you deemed as available.
Unfortunately, Internet Providers eventually got wise to this traffic and are easily able to spot “Torrent Downloads” on their network. As a result, it is apparently fashionable to issue a ‘3 Strikes and You’re Out’ warning to transgressors rather than threatening legal action. Needless to say, technology jumped ahead anyway with the result Pirate Bay is doubtless as popular as ever, users employing encryption with extremely simply VPN (Virtual Private Network) software. In this way, authorities cannot scan traffic to private computers and the internet can continue as normal. VPN software not only conceals traffic to and from private computers, it also obscures their address on the internet while allowing Peer to Peer traffic to continue unabated.
Obviously, if you are in the business of doing anything illegal, this methodology is ideal when trying to avoid scrutiny. We remain as cynical as ever, when viewing unregulated cryptocurrency along with the current buzzword, “Blockchain”.
We think we understand the reason for the quantity of emails over the last couple of sessions. Argo Blockchain share price is currently looking more nervous than a UK Govt Minister when someone mentions Covid and Death Rates. Presently trading around 90p, the share price need only slip below 85p to exhibit the potential of a reversal cycle to an initial 73p. If broken, our secondary calculation gives 48p as a potential bottom. We’d advocate extreme caution should 48p break as our ultimate bottom works out at 3p, turning recent Argo price movements into a spectacular ‘pump & dump’ exercise.
However, the share price doesn’t require a great effort to inject hope for the future. Above 97p calculates with an initial ambition of 107p with secondary, if exceeded, a longer term (or sometime in the next few minutes) 126p. Above 126p, things get quite interesting as we can present 149p as a future ambition, if things go nuts.
For now it’s time for another buzzword; “Fingers Crossed Time!”. From the point at which Argo closed Monday 18th, we fear reversal toward 48p lies ahead.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 10:59:38PM | BRENT | 54.8 | ‘cess | ||||||||
| 11:01:48PM | GOLD | 1838.02 | 1826 | 1821.5 | 1815 | 1839 | 1841 | 1850 | 1866 | 1829 | |
| 11:03:45PM | FTSE | 6732 | |||||||||
| 11:23:22PM | FRANCE | 5632 | Shambles | ||||||||
| 11:25:34PM | GERMANY | 13879 | |||||||||
| 11:27:16PM | US500 | 3777.52 | |||||||||
| 11:28:48PM | DOW | 30871 | 30730 | 30705 | 30648 | 30829 | 30872 | 30919 | 30982 | 30801 | |
| 11:31:04PM | NASDAQ | 12830 | |||||||||
| 11:33:45PM | JAPAN | 28357 |
