GBTC despite recent pullbacks, continues longterm upward trend

On the top chart I've drawn out the upward trend (based on 1hr candles) shown here in 8hr timeframe. The current upward trend began in early December. I've added for reference, the horizontal support drawn from the 2017 high. From an 8hr point of view, we are in a healthy long term up trend regardless of the recent pullback.

In the bottom chart, I've used CMTool's grayscale/coinbase premium indicator. (I've removed the Coinbase indicator.) Some interesting correlations to draw from. Currently Grayscale premium is relatively low. I've noted up arrows when the premium reached a 'support line' and turned up. Down arrows indicate when premiums were very high and turned down.

It is possible to create alerts in TradingView based on patterns such as this to provide a heads up. My GBTC investment is more of a conservative play along with derivatives in my 401k, so this more conservative approach is helpful in my executing scaling in and out of GBTC.