GTBC stock experienced a superlative bearish ride in the early days of June. It is triggered by the price action setup, but this south-side movement was curtailed, by the corrective movement, and this has created some uneasiness among traders.
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 has been in a bearish outlook. But still finding it difficult to push ahead, the correction therein, seems to be eluding the bearish trend, thus keeping the market price above the resistant level of $10.6, however, this could be a false breakout, since the price is trying to go back and continue its bearish trend.
X-raying the daily chart, the price can be seen heading towards the 14 Exponential Moving Average and the MACD Histogram is lying parallel showing a weak bullish attempt.
GBTC Short-term Trend: Range
The short-term trend is a flat market, the market price has not shown any momentum, and thus the price is roving within two resistance levels.
The 4-Hours chart indicates that the price has reached the upper bands of the Bollinger Bands Indicator, and the price is planning to go south-side. And the market is moving closer to the 14 Exponential Moving Average, for a possible crossing, to solidify the bearish anticipation.
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