Last week market closed with a bullish candle which implies that further increase in the Bulls’ momentum may push the price up to retain the price at the resistance level of $17.
Resistance levels: $15, $17, $19
Support levels: $14, $13, $12
GBTC Long-term Trend: Bullish
GBTC is bullish on the long-term outlook. On the weekly chart, the price retraced from the $12 price level to $8 support level on May 27. The Bullish engulfing candle emerged at the same support level propelled the price to the resistance level of $17. The price dropped to the support level at $14 by the Bears’ pressure.
The 21 periods EMA has crossed the 50 periods EMA upside and the GBTC price is trading above the two EMAs at a farther distance which indicates strong bullish momentum in the GBTC market. The Stochastic Oscillator period 14 is above 75 with the signal lines pointing up as a sign of a bullish trend. Last week market closed with a bullish candle which implies that further increase in the Bulls’ momentum may push the price up to retain the price at the resistance level of $17.
GBTC Medium-term Trend: Bullish
GBTC is bullish in the Medium-term outlook. On the daily chart, the Bulls are in control of the GBTC market. On June 26, GBTC price reached the $17 level and the coin experienced a pullback that returned the price back to $12 level. On July 02, the bullish engulfing candle formed and this empowers the Bulls to push the price above $14 level.
The price is trading above the 21 periods EMA and the 50 periods EMA. The Stochastic Oscillator period 14 is at 50 levels and the signal lines are bending up to indicate a buy signal.
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