BTC/GBP is trading in the red, well below 10-DMA on Monday after it failed to break above the strong trend line resistance. It is currently trading at 1926 levels at press time (Coinfloor).

Ichimoku analysis of daily chart:

Tenkan Sen: 2046.50

Kijun Sen: 1986

On the upside, the pair faces strong resistance at 2004 (4h 200-SMA) and a break above would see it testing 2049 (10-DMA)/ 2073 (20-DMA). Further strength would target 2120 (trend line joining 2315 and 2193)/ 2193 (June 21 high).

On the flipside, support is seen at 1895 (50% retracement of 1475 and 2315) and a break below would target 1813 (50-DMA)/1795/ 1717 (Cloud top)/1657 (June 15 low).

Momentum studies: Overall bias appears bearish as RSI is weak at 48 and MACD line is below the signal line. Bias remains weak on the hourly charts as well.

Recommendation: Good to go short on rallies around 1983/2000. SL: 2076. TP: 1813/1795.

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