GBTC has finally capped for support in its record higher high level. The fall has been expected after the price had an accelerated bullish movement.
Supply levels: $8.7, $12.6, $17.50
Demand levels: $6.2, $5.0, $3.8
GTBC Medium-term Trend: Bullish
GBTC Medium-term outlook is bullish, the stock has been having a smooth bullish, ride for a while now, after breaking the resistance level of $12.6, the market shot to a higher high level. Forming what seems to now be the new resistance level, at the price level of $17.50. So the market is expected to reverse or go down a little to the price resistance level of $12.6 that area will determine if the market will continue for a bearish ride or a bullish drive.
From the daily chart, the price is going down to the 14 and 50 Exponential Averages and the MACD Histogram bars and the signal line are on the upside.
GBTC Short-term Trend: Ranging
GBTC short-term trend is seen as a ranging market, the pair up movement has formed a new price resistance level. The market will possibly reverse from there for a bearish drive.
The 4-hour chart shows the price is below 14 Exponential Moving Averages, and the MACD Histogram bars and signal lines are showing weak market signals.
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