GBTC could not give the bears the needed momentum to continue the south side movement, rather, yesterday the candle closed on a bullish note. Thus creating uneasiness for the bearish outlook, though this might be a corrective price movement.
Supply levels: $8.7, $10.6, and $12.6
Demand levels: $6.2, $5.0, and $3.8
GTBC Medium-term Trend: Bearish
The pair medium-term looks favorably ok for a bearish trend, but since reaching the resistance level of $8.7, the market seems to be losing it bearish grip, trying to go for a retracement up to the resistance price level of $10.6 or even above it.
In a nutshell, the price is still above the basic 50 Exponential Moving Average, and a break of this indicator will require a strong market drive, thus the continuous hovering of price within this area. But the MACD Indicator Histogram is still keeping the bearish hope alive.
GBTC Short-term Trend: Ranging
The 4-Hours chart shows the market has been on the sideways this is also as a result of the bearish rejection within the major resistance level, thus, forcing the price to move on a ranging mode.
The 50 Exponential Moving Average and the 9 Exponential Moving Average, could not separate very well after they crossed, this shows that the market in on a counter-trending mode. Also, the Histogram bar of the MACD is having redundant growth, which also indicates low market momentum.
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