Crypto Concerns

GBTC is running into resistance

GBTC ran into resistance at the 12 level three weeks ago, during week 15. It formed a weekly swing high as it declined into a daily cycle low. Now as it has emerged from its DCL it is running into resistance again.

At 18 weeks, GBTC is nearing its timing band for an intermediate cycle decline. GBTC has reached an overbought level on the TSI and has delivered a bearish crossover on the weekly TSI. The last three times that GBTC delivered a bearish crossover on the weekly TSI at this level it resulted in an intermediate cycle decline.

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