The bearish outlook of the GBTC pair is intact but seems to put traders on the edge, the market has not been able to assume properly the bearish trend. Even after forming a price action indication.
Supply levels: $8.7, $10.6, and $12.6
Demand levels: $6.2, $5.0, and $3.8
GTBC Medium-term Trend: Bearish
The double price action formation on the daily chart is one of the bases, why traders hope for a bearish market trend, is still alive. The price corrective movement has been slow, as the market is hovering between the price area of $12.6 and $10.6. A break out from the price levels of $12.6 will end the bearish hopes, while a break of the price level at $10.6, will seal the bearish confirmation.
The daily chart Exponential Moving Averages f 14 and 50, are showing bullish support, while the MACD Histogram bars are flat.
GBTC Short-term Trend: Ranging
The short-term price analysis of GBTC is nothing but a counter market. The market has not gotten the needed strength to resume, the bearish market. Waiting after the market might have gone above or below any of the nearest resistance level will a wise market decision.
Taking a look at the 4-Hours, the MACD Histogram bars are in a flat zone, the Exponential Moving Averages of 14 and 50 are in the bullish side, thus indicating a flat market.
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