GBTC Stock has continued to be in a corrective move, heading up to the nearest resistance level, or rather breaking above it, but this could be a false breakout, so standing aside to wait for the main trend is necessary.
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 maintaining its bearish trend, though the market retracement since the price gets a barrier of $8.7, looks a bit scary, however holding by the price action formation on June 4, still ices a hope for the South-side trend. And a break of this level will accelerate the bearish trend.
A lot at the daily chart indicates that the price is above the 50 Exponential Moving Average, and the Stochastic Indicator signal line is flat, thus showing low market volatility.
GBTC Short-term Trend: Flat
The market seems to be a flat one, though in a relative attempt to favor the bull. That could be a booby trap, because trader could be caught by a spontaneous market reversal, so waiting patiently for the bearish trend is ok.
Looking intently, on the 4-Hours chart, the Stochastic is on the overbought region, trying to signal a bearish call. And the price is not too far away from the 50 Exponential Moving Average, thus pre-empting the ranging market mode.
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