GBTC pair is trying to take the bull by the horn, by ending yesterday candle in a price action set up, this will help to solidify the bearish outlook that trader has been expecting to take place on this market.
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 has now given two price action setup all signaling a bearish market order. Though the pair is in what could be referred to as a bullish zone, this price action setup has come to affect the expected bearish outlook. Thus the market is expected to break out of the nearest resistance level at $10.6, and if possible the price will go lower than that.
The daily chart X-ray shows that the 14 and 50 Exponential Moving Averages is still crossed for a bullish market, but the price is coming down to the 14 Exponential Moving Average, for a bearish setup.
GBTC Short-term Trend: Counter-Trending
The short-term market has not shaped properly for a downtrend; rather the price is in a flat mode. The market trend is expected to come up after price might have broken key resistance level, thus patience is the ideal decision to embark on.
The MACD Indicator Histogram bars and its signal lines are in a flat trend, there are significant market moves. The 14 and 50 Exponential Moving Averages is on the bullish side, thus the counter market trend.
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