In case the Bears maintain or gain more pressure, the support level of $12 may be penetrated and the price may reach $10 price level. When the support level at $12 holds the price may consolidate for a short period.
Resistance levels: $14, $15, $17
Support levels: $12, $10, $8
GBTC Medium-term Trend: Bearish
GBTC is bearish on the medium-term outlook. The Grayscale Bitcoin Trust was under the bullish pressure last week. The bullish momentum pushed up the coin to reach the resistance level at $17 level on June 26. The price gapped down below the $15 price level on June 28. There was another bearish gap today and the price opened with a bearish candle below $14 price level.
The GBTC price is in between the 21 period EMA and 50 periods EMA with the bearish candle close to the support level of $12; this indicates that the price is under bearish pressure. The Stochastic period 14 is below 50 levels with the signal lines pointing down to indicate a further reduction in the GBTC price. In case the Bears maintain or gain more pressure, the support level of $12 may be penetrated and the price may reach $10 price level. When the support level at $12 holds the price may consolidate for a short period.
GBTC Short-term Trend: Bearish
GBTC is bearish in the short-term outlook. On the 1- hour chart, Bears are exerting pressure on the GBTC and the price gapped down towards the demand level of $12 with the formation of bearish candles. The price is below 21 periods EMA and 50 periods EMA at a distance which connotes increase in the bearish pressure.
The Stochastic Oscillator period 14 is below 20 levels with the signal line point down to indicate sell signal and a further reduction in the GBTC price.
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