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Bitcoin Price GBP relief rally again turned down from the 38.2% Fibonacci retracement level at £28,593.47 on May 27. Both moving averages are sloping down and the relative strength index is in the negative territory, indicating bears have the upper hand. The sellers will now try to sink the BTC/GBP pair below the £23,620 support. The first sign of weakness will be if bears pull the btc to gbp price below the 20-day EMA.
The Bitcoin price GBP pair has dipped back to the 20-day EMA, which is an important support to watch out for. If the price rebounds off this support, it will suggest traders are buying on dips. The bulls will then again try to resume the uptrend by pushing the Bitcoin price GBP above the £41,795 to £44,238 overhead resistance zone. Contrary to this assumption, if the bears sink the price below the 20-day EMA, the pair could drop to the 50-day SMA.
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Bitcoin price gbp last week, we had advised traders to book profits on 50% of the positions bought at lower levels because a new uptrend is unlikely to start in a hurry. This turned out to be a profitable exercise as Bitcoin turned down from £29,350 on June 15. The btc to gbp 20-day exponential moving average failed to act as a strong support when the bitcoin to gbp price turned down from £29,350. The failure of the buyers to defend the £23,620 support is another sign of a lack of demand at lower levels. The relief rally is likely to face stiff resistance at the moving averages. If the price turns down from the 20-day EMA, it will suggest that traders are liquidating their positions at higher levels.
- If bulls sustain the price above this level, the bitcoin to GBP pair could continue its journey toward £42,650.
- This turned out to be a profitable exercise as Bitcoin turned down from £29,350 on June 15.
- If buyers can drive the gbp to btc price above the 20-day EMA, the BTC/GBP pair will continue its consolidation between £21,000 to £31,005.
However, after this technical level was reached, profit-booking set in on February 22, which pulled the price down to the 20-day EMA. The long tail on the day’s candlestick shows that the bulls purchased the dip aggressively. The buyers will now have to drive the price above £41,795 to resume the uptrend. The Bitcoin price GBP turned down from the £36,759.61 overhead resistance on March 4, but the bulls did not allow the price to sustain below the 20-day EMA on March 5 and 6. This showed the bulls are buying on minor dips and are not waiting for a fall to £30,936 to buy.
Additionally, the currency continues to remain strong due to its historically stable economic and political climate. The Bitcoin price GBP pair features Bitcoin as well as UK’s fiat currency-GBP. We had said in our previous analysis that a short-term trading opportunity may open up if Bitcoin rebounds off the 20-day exponential moving average and that is what happened.
TRADING BTC/GBP
Similarly, Bitcoin’s value tends to drop when negative information around security, like exchanges getting hacked or cryptos stolen, dampen sentiment. Bitcoin price GBP has been sustaining above the £30,936 breakout level for the past few days, but the momentum has not picked up. The downsloping 20-day EMA and the RSI near the overbought territory indicate the bears are in control. A break below the £31,005 support will invalidate the bullish falling wedge pattern and open the doors for a further fall to £21,000. Though a rebound from the current levels can not be ruled out, we do not suggest buying in a falling market.
This suggests the sentiment has turned bearish and traders are now looking to sell on rallies to strong resistance levels. However, the flat moving averages and the RSI just above the midpoint suggest a few days of range-bound action. While the support is defined, the Bitcoin price GBP is yet to confirm the resistance level.
Both moving averages have flattened out and the relative strength index is near the midpoint, indicating a range-bound action in the near term. The BTC/GBP pair is likely to remain stuck between £24,450 on the downside and £34,032 on the upside. Bitcoin price GBP witnessed frenzied buying on January 29, which pushed the price above the downtrend line, resulting in a short squeeze that drove the price to £28,000. However, the bulls could not hold on to the breakout and the price gave back a large part of its gains and re-entered the triangle on the same day.
This is an important support because the bears have not been able to break it since October 9 of last year. Therefore, a break below it will suggest a possible change in trend. The bearish divergence on the RSI is pointing to a possible deeper correction.
Bitcoin broke below the 20-day exponential moving average on October 27 but the bulls did not allow the bears to have their way. Strong buying at lower levels pushed the price back above the 20-day EMA on October 28. Bitcoin bounced off the 20-day exponential moving average on November 6 and soared above the overhead resistance at £48,426.53 on November 8, defying our assumption of a consolidation. The BTC/GBP pair could now pick up momentum and charge toward the 161.8% Fibonacci extension level of £56,174.25 and if this resistance is crossed, the next stop could be £60,249.98. The BTC/GBP pair dropped to the 20-day exponential moving average on February 14, which has acted as strong support. This suggests a change in sentiment from sell on rallies to buy on dips.
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A break and close below the 20-day EMA could pull the price down to £38,257.06. Bitcoin broke above the psychological barrier of £50,000 on November 9 and 10 but the bulls could not sustain the higher levels. This may have prompted profit-booking from short-term traders which pulled the price https://cryptolisting.org/ back below the breakout level of £48,426.53 on November 10. The BTC/GBP pair rebounded off the 100-day SMA on November 28 and reached the overhead resistance at the 20-day exponential moving average on November 29. The BTC/GBP pair plunged below the strong support at £34,031.76 on January 4.
A break below this support could start a deeper correction that could reach £36,777 and then £31,005. Contrary to this assumption, if the price rebounds off the current level, it will suggest strong accumulation on dips. The bulls will have to push and sustain the price above the moving averages to indicate that the selling pressure has reduced. Bitcoin Price kshib coin GBP, According to our assumption outlined in the previous analysis, the bulls could not push the price above the downtrend line. That led to a sharp fall below the 20-day EMA on January 21 and Bitcoin dropped to the 50-day SMA on January 22. Although the price rebounded off the 50-day SMA, the bulls could not push and sustain the price above the 20-day EMA.
As this was the first dip, traders purchased it aggressively, resulting in a strong rebound. Bitcoin price GBP bounced off the 20-day EMA on March 17 fizzled out at £43,125.98 on March 18. This suggests that bears are aggressively defending the all-time high at £44,238.
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Conversely, if the price turns down and breaks below the 20-day EMA, it will suggest that traders are squaring their positions on rallies. The moving averages have completed a bullish crossover and the RSI is in the positive territory, suggesting that bulls have the upper hand. If the BTC/GBP pair rebounds off the 20-day exponential moving average , the bulls will make one more attempt to clear the overhead hurdle at £31,005. This bullish view will invalidate if the btc to gbp price breaks below the 20-day EMA. Such a move will increase the possibility of a range-bound action for the next few days.
BTC-GBP
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This bearish view will invalidate if the pair turns up from the current levels and breaks above the downtrend line. Such a move could catch the bears off guard and may result in short-covering that could push the Bitcoin Price GBP back to the high at £30,936. However, the relative strength index has formed a positive divergence, indicating the selling pressure has reduced. The gbp to btc bulls are likely to defend the £23,620 to £21,000 support aggressively. If buyers can drive the gbp to btc price above the 20-day EMA, the BTC/GBP pair will continue its consolidation between £21,000 to £31,005.