BTC/GBP surpassed 1800 levels on Wednesday and hit a fresh all-time high of 1839 levels so far in the day. However, it failed to sustain its strength and is currently trading at 1785 levels at the time of writing (Coinfloor).

Ichimoku analysis of daily chart:

Tenkan Sen: 1575

Kijun Sen: 1429.50

On the upside, a break above 1839 (today’s high at the time of writing) could see a further jump till 1888 (127.2% extension of 1240 and 1750). Further strength would target 1927 (161.8% extension of 706 and 1461)/2009 (200% extension of 913 and 1461).

Overall trend remains bullish. The pair has eased from 1839 levels and is currently trading at 1785 levels. A shooting star formation could be seen on hourly chart, which suggests a downside possibility till 1760 (1h 20-SMA). Further weakness could see a dip till 1709 (1h 50-SMA). The current dip could be seen as a buying opportunity.

On the 4-hour chart, support is seen at 1732 (4h 10-SMA) and a break below would see it testing 1668 (4h 20-SMA).