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FxWirePro: BTC/GBP faces strong resistance at 21-DMA, break below 725 targets 670

Monday, January 9, 2017 10:43 AM UTC

BTC/GBP broke below the 700 mark on December 07 and hit 672.99 levels. It is currently trading at 737 at the time of writing (Coinbase).

Long-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 811.49

Kijun Sen: 782

Trend reversal: 641 (90 EMA)

On the upside, major resistance is seen at the 762 (21-DMA) and a break above would see the pair testing 791 (5-DMA)/800.

Momentum studies suggest further bearish trend: the MACD line is below the signal line, bearish crossovers of 5 and 21-DMA.

On the flip side, the pair is likely to find support near 725 (trend line joining 467.77 and 611.12) and a break below would target 686.58 (55-EMA)/ 672.99 (December 07 low).

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Digital Currency Revolution

FxWirePro: BTC/GBP faces strong resistance at 21-DMA, break below 725 targets 670

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