The GBTC market correction seems to be over, the market is trying to re-align with the major trend after holding bearish speculators to a ransom for several days.
Supply levels: $8.7, $10.6, and $12.6
Demand levels: $6.2, $5.0, and $3.8
GTBC Medium-term Trend: Bearish
Medium-term outlook has been bearish, but the corrective market moves, has been a worrisome one for some days, it kind of, kept bullish sellers on the edge. The price was able to retrace up to the price support level of$12.0, before showing a bearish sign. The price is thus navigating to the next resistance level of $10.6, and a breakout of this level will lover the market up to the next resistance level of $6.2 or even $5.0, or further.
The daily chart shows the market is in a descending mode towards the 14 Exponential Moving Average, and the MACD is showing a bearish bar waiting for further bearish build up.
GBTC Short-term Trend: Range
Though there has been a sign of bearish trend in the short-term, the market is not yet ok for the bearish drive, thus caution is also a key factor here.
The 4-Hours chart portrays a MACD Indicator that is showing signs of indecision on the market direction, the Histogram bars are in the opposite direction. And the 14 and 50 Exponential Moving Averages is also on the upside, thus signaling a counter market.
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