GBTC is on a reversal or corrective market movement after capping on a support price level. The stock seems to have relented on its bullish drive that it embarked for weeks. If the price succeeds in breaking the next resistance level the bearish drive will continue, but if it fails, then the move will be seen as a corrective one.
Supply levels: $8.7, $12.6, $17.50
Demand levels: $6.2, $5.0, $3.8
GTBC Medium-term Trend: Bearish
GBTC was able to create a new higher high target at the price level of $17.50; the area now forms a support for the price as it moves southwards. If the bearish outlook succeeds in breaking the price resistance level of $12.6, then the bearish trend will be instituted, if not, the price is likely going to go back to re-test the price level of $17.50.
The daily chart is indicating that the 14 and 50 Exponential Moving Averages, as well as the MACD Indicator, are all showing a contrary market direction, that is to say, that they are yet to signal for the bearish trend.
GBTC Short-term Trend: Ranging
The Short-term trend is heading to the next resistance level; the correct market trend cannot be ascertained except if the price breaks out of the next resistance level.
The 4-hour chart MACD Indicator is yet to give a bearish signal, while the price inside the 14 and 50 Exponential Moving Averages. Thus showing a ranging market.
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