Crypto Gold Rush: Unveiling BlockQuarry's Explosive PotentialAlright, folks, we're diving into the BlockQuarry (BLQC) charts, and it's turning into quite the thriller. Picture this: every time our modified Golden Ratio indicator winked with a Golden Cross, it's been like setting off fireworks.
First stop, December 2020 – a rocket launch. In 72 days, we witnessed a jaw-dropping 2329% gain. Then, cue July 2021, and déjà vu hit with a 779% gain in 77 days. Fast forward to January 2023, another Golden Cross, another quick 129% gain in just 21 days. Now, here we stand, on the brink of Golden Cross number four.
But here's the kicker – every time this happened, we saw the price bust out from a bullish flag. It's like the market whispering, "Hold onto your hats, we're gearing up for something big."
And here's the plot twist – zooming out, we've got this falling wedge pattern. It's like a coiled spring ready to explode. The price is teasing us, right under the resistance from the upper line of the wedge, signaling a potential breakout any moment.
Now, let's throw Bitcoin into the mix. The whole crypto scene is heating up, and these miners, like BlockQuarry, could be the wild cards in this high-stakes game. Bitcoin's rise could be the wind beneath their wings, turning this into a high-risk, high-reward play.
And if that's not exciting enough, over the last two weeks, more folks are jumping in to buy, and there's a distinct lack of sellers. It's like the crowd is getting fired up, sensing the potential for big moves.
But, and it's a big but, let's not forget this is high-risk territory. It's the kind of play where fortunes can be made or lost. Keeping a keen eye on volume, anticipating that breakout from the falling wedge, and staying tuned to any Bitcoin tremors or company updates is the name of the game.
It's a bit like being in the front row of a rock concert, and BlockQuarry is the headliner. Fasten your seatbelts, because this could be one wild ride in the high-risk, high-reward world of crypto mining stocks. Happy trading, adrenaline junkies!
BLQC trade ideas
$BLQC Merger Is Finally ApproachingWith an ultimate goal of uplisting to the NASDAQ, BlockQuarry Corp. (OTC: BLQC) may be set to soar this week after it completed its 2022 annual audit – putting it one step closer to becoming SEC reporting. In addition, the company promised to share a press release this week which could be related to its anticipated merger with Minersnet. Given the potential of the merger as well as the company completing its 2022 audit, BLQC stock is one to watch closely this week.
BLQC Fundamentals
Back in late January, BLQC and Minerset signed an LOI where both companies agreed to merge with each other. This merger may benefit the company’s shareholders greatly considering the value Minerset adds to the company. Since its inception in 2017, Minerset generated more than $300 million in revenue by distributing more than 120 thousand crypto mining devices to customers around the world.
Given its revenue generation ability, Minerset is set to significantly boost BLQC’s revenues once the deal is completed which could bolster the company’s status in the public markets. With the company promising to release PR this week, it could be related to this merger since it previously shared that it intends to share PR once the full agreement is approved.
As is, the merger with Minerset is only a step toward BLQC’s ultimate goal which is uplisting to the NASDAQ as it previously shared. Considering that the company completed its 2022 annual audit, uplisting may not be a far-fetched dream – which makes BLQC stock an interesting stock to watch this year.
BLQC Financials
According to its Q1 2023 report, BLQC’s assets slightly declined QoQ mainly due to the drop in its property and equipment from $6.4 million to $5.6 million, and while its cash balance fell sharply from $317.6 thousand to $33.1 thousand, its accounts receivable increased from $274.5 thousand to $922.1 thousand.
That said, the company’s liabilities decreased QoQ from $15.4 million to $11.4 million due to the drop in convertible notes payable in default declining from $7.7 million to $93.4 thousand as a result of the noteholders converting their notes.
In terms of revenue, BLQC witnessed a YoY increase from $792.7 thousand which was driven by cryptocurrency self mining to $922.1 thousand which was driven by services revenue. At the same time, the company’s margins took a massive hit since its gross profit of $231.3 thousand last year turned into a gross loss of $1 million.
However, operating costs slightly declined from $472.2 thousand to $386.2 thousand due to a gain on cryptocurrency that amounted to $69.2 thousand last year. Despite the company’s gross loss, its net loss improved YoY from $1.3 million to $924.5 thousand which is largely due to a $1.5 million gain on extinguishment of notes payable that it reported in Q1 2023.
Technical Analysis
BLQC stock was trading in a bearish trend as it was in a downward channel that it successfully broke through recently. Looking at the indicators, the stock is trading below the 200, 50, and 21 MAs which is a bearish indication. Meanwhile, the RSI is neutral at 50 and the MACD recently turned bullish.
As for the fundamentals, the company’s latest announcement regarding the completion of its 2022 annual audit is a major catalyst since it indicates that it is a step closer to being SEC reporting which is a main requirement for uplisting to the NASDAQ. Moreover, the PR that is expected to be shared this week could also be a major catalyst since it could be regarding its merger with Minersnet. Given the potential of the merger, investors could find a good entry point on the break of the 50 MA ahead of the upcoming PR.
BLQC Forecast
After completing its 2022 annual audit, BLQC is a step closer to being SEC reporting which puts it in the right direction to achieve its goal of uplisting to the NASDAQ. With the company also promising a PR this week, the stock may be poised to soar since the news could be regarding its anticipated merger with Minersnet. Considering the merger’s potential to improve the company’s outlook, BLQC stock is one to watch closely this week in anticipation of its PR.