BTC/GBP failed to maintain its strength above the 600 mark and closed at 585 levels on Wednesday. Currently, the pair is trading in the red at 580 levels (Coinbase).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 573.21

Kijun Sen: 558.48

Trend reversal: 508.15 (90 EMA)

The pair must break above the psychological level of 600 for further upside, which would then target 611.12 (November 03 high). A breach of this level would send it soaring to 650 levels.

On the downside, it has taken support near 576.47 (15-day MA) and a break below would drag it to 535 (November 03 low)/529.50 (55 EMA).