BTC/GBP upside is being capped by 78.6% fib retracement and the pair is struggling to hold its strength above the 600 mark. It is currently trading at 602 levels (Coinbase).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 594

Kijun Sen: 578.38

Trend reversal: 531 (90 EMA)

On the topside, the pair faces resistance at 612.86 (78.6% retracement of 621.47 and 581.25) and any violation would target 621 levels (November 20 high). A consistent break above this level would see it testing 632 (127.2% retracement of 621.47 and 581.25)/ 650.

On the downside, the pair has taken support near 585 levels (21-day MA) and a break below would target 568.22 (61.8% retracement of 535.30 and 621.47)/ 547.20 (November 13 low).