EBANG dropped off a cliff after news of Hedge Fund big short position. Price fell to briefly test key support at 4.9. For those who are new, EBANG is a crypto proxy stock. It's main business is manufuturingg software and mining hardware in blockchain/crypto industry.
Even with this massive bearish news, I still smell opporutnity here. Bitcoin is currently on the verge of breaking 60,000 level and set new highs. In this scenraio, it's hard to imagine that EBANG will continue to fall. As bitcoin gets closer to 100,000, I belibe it will drag EBANG higher. Not to mention, there's also a big short interest in this stock.
Even with this massive bearish news, I still smell opporutnity here. Bitcoin is currently on the verge of breaking 60,000 level and set new highs. In this scenraio, it's hard to imagine that EBANG will continue to fall. As bitcoin gets closer to 100,000, I belibe it will drag EBANG higher. Not to mention, there's also a big short interest in this stock.
Nota
still holding the 4.80 level. Let's see what happens on monday!
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