GBLC weekly chart is looking better with each passing day. Price made lower low, and both the MACD and RSI made higher lows at the same time, which equals a Bullish Divergence on the weekly timeframe. This pattern can be very powerful on the weekly timeframe and could indicate upcoming bullish momentum for the next several weeks.
Additionally, the price has now broken out from the downtrend that began in the week of March 8, 2021. Breakouts of large downtrends like this one tend to catapult price higher, so this is also something to be very excited about.
On the daily timeframe, price has just risen above the 50 Day EMA, and the daily MACD is just breaking above the zero line. On the 4 Hour timeframe, MACD is firmly above the zero line, and is using the zero line as support to move up. On the hourly timeframe, price is firmly above the 200 Hour EMA. All great signs.
Now let's talk fundamentals. Graph Blockchain's wholly owned subsidiary, New World, just launched what it claims to be the world's first publicly traded NFT Marketplace on October 15: stockhouse.com/news/...aunches-nft-platform . The website looks absolutely gorgeous, and you can tell they've got some great design and product talent: newworldinc.io/ . Mobile apps have been launched in beta on both the Apple App Store and the Google Play Store, and the Apple full release app is expected to be live within 30 days.
Another positive factor is this stock's correlation with Bitcoin. This stock moved up in unison with BTC during its last bull run at the beginning of the year, catapulting from 2 cents to 49 cents. With the Bitcoin Futures ETF potentially making its debut tomorrow, there is a lot of excitement in the market, and analysts are calling for huge BTC price appreciation. Another BTC rally should have a great positive impact on GBLC as well.
Do you think this stock can break its last high of 49 cents this year? Comment your opinion below. And don't forget to follow me on TradingView for further updates and more crypto related analyses.
Disclosure: The author holds shares of GBLC (Graph Blockchain) stock discussed in this idea.
Disclaimer
No Investment Advice Provided
Any opinions, chats, messages, news, research, analyses, prices, or other information contained in this Post/Idea or in connection with it are provided as general market information for educational and entertainment purposes only, and do not constitute investment advice. This Post/Idea should not be relied upon as a substitute for extensive independent market research before making your actual trading decisions. Opinions, market data, recommendations or any other content is subject to change at any time without notice. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
I do not recommend the use of technical analysis as a sole means of trading decisions. I do not recommend making hurried trading decisions. You should always understand that PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
Additionally, the price has now broken out from the downtrend that began in the week of March 8, 2021. Breakouts of large downtrends like this one tend to catapult price higher, so this is also something to be very excited about.
On the daily timeframe, price has just risen above the 50 Day EMA, and the daily MACD is just breaking above the zero line. On the 4 Hour timeframe, MACD is firmly above the zero line, and is using the zero line as support to move up. On the hourly timeframe, price is firmly above the 200 Hour EMA. All great signs.
Now let's talk fundamentals. Graph Blockchain's wholly owned subsidiary, New World, just launched what it claims to be the world's first publicly traded NFT Marketplace on October 15: stockhouse.com/news/...aunches-nft-platform . The website looks absolutely gorgeous, and you can tell they've got some great design and product talent: newworldinc.io/ . Mobile apps have been launched in beta on both the Apple App Store and the Google Play Store, and the Apple full release app is expected to be live within 30 days.
Another positive factor is this stock's correlation with Bitcoin. This stock moved up in unison with BTC during its last bull run at the beginning of the year, catapulting from 2 cents to 49 cents. With the Bitcoin Futures ETF potentially making its debut tomorrow, there is a lot of excitement in the market, and analysts are calling for huge BTC price appreciation. Another BTC rally should have a great positive impact on GBLC as well.
Do you think this stock can break its last high of 49 cents this year? Comment your opinion below. And don't forget to follow me on TradingView for further updates and more crypto related analyses.
Disclosure: The author holds shares of GBLC (Graph Blockchain) stock discussed in this idea.
Disclaimer
No Investment Advice Provided
Any opinions, chats, messages, news, research, analyses, prices, or other information contained in this Post/Idea or in connection with it are provided as general market information for educational and entertainment purposes only, and do not constitute investment advice. This Post/Idea should not be relied upon as a substitute for extensive independent market research before making your actual trading decisions. Opinions, market data, recommendations or any other content is subject to change at any time without notice. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
I do not recommend the use of technical analysis as a sole means of trading decisions. I do not recommend making hurried trading decisions. You should always understand that PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
