GBTC has been on the sideways for a couple of days now, even when some basic levels and price action has indicated a clear bearish outlook. It could be that the price is trying to gather up momentum for a big move in either direction.
Supply levels: $8.7, $10.6, and $12.6
Demand levels: $6.2, $5.0, and $3.8
GTBC Medium-term Trend: Bearish
The market is notably set for the south side journey. This is because of the price action setup last week. It formed on the price supply level of $12.6, obviously rejecting the bullish trend. Since then, the price has come down below the next resistance level of $10.6.
From the daily chart view, the price has broken down the daily channel, also, the 14 Moving Average has crossed above the market price. The MACD Oscillator Indicator has shown it bear bars, for a bearish trend.
GTBC Short-term Trend: Ranging
The market at the early hours of today looks bearish, but the current four hours charts could not go further, rather it has been on counter movement, probably, trying to align properly with the daily call for the bears.
A view of the 4-Hours chart indicates that the price is sitting above the Ichimoku Indicator, despite breaking the 4-Hours channel. Until the price breaks below the lagging lines of the indicator, the bearish expectation will still be on hold.
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