BTC/GBP takes support near trend line, break below targets 570
BTC/GBP hit 588.68 levels on Monday and is currently trading slightly below the 600 mark at 596 levels at the time of writing (Coinbase). Long-term trend: Bullish Ichimoku analysis of daily chart: Tenkan Sen: 598.62 Kiju…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
BTC/GBP hit 588.68 levels on Monday and is currently trading slightly below the 600 mark at 596 levels at the time of writing (Coinbase).
Long-term trend: Bullish
Ichimoku analysis of daily chart:
Tenkan Sen: 598.62
Kijun Sen: 584.33
Trend reversal: 547.24 (90 EMA)
On the topside, major resistance is seen at 601.87 (21-day MA) and a break above would target 619.64 (December 02 high). Further bullishness in the pair would be seen only if it break above 621.47 levels (November 20 high), which would see it testing 638.77 (161.8% retracement of 619.64 and 588.68).
On the reverse side, the pair has taken support near yesterday’s close of 588 levels (trend line joining 535.30 and 577.60) and a break below would drag it to 571.33 (55-EMA)/547.24 (90 EMA).
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