BTC/GBP is trading in an extremely narrow range on Thursday and is hovering around 5-DMA at the time of writing. It is currently trading at 1979 levels at press time (Coinfloor).

Ichimoku analysis of daily chart:

Tenkan Sen: 1985

Kijun Sen: 1986

On the upside, the pair faces strong resistance at 2034 (10-DMA) and a break above would test 2047 (20-DMA)/2085 (trend line joining 2315 and 2193). Further strength would see it targeting 2118 (May 25 high)/2174 (78.6% retracement of 2315 and 1657)/2193 (June 21 high).

On the flipside, close below 1965 (5-DMA) would drag the pair to 1944 (1h 50-SMA)/1895 (50% retracement of 1475 and 2315)/1852 (50-DMA). Further weakness would see it testing 1788 (trend line joining 1475 and 1657).

Momentum studies: On the daily chart, RSI is holding at 50, while the MACD line is below the signal line.

Recommendation: Wait for clear directional bias.

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