FxWirePro: BTC/GBP hovers around 1000, further weakness on break below 20-DMA
BTC/GBP has moved back above the 1000 mark, following the plunge to 810 levels as the SEC rejected the bitcoin ETF proposal. It is currently trading at 1010 levels at press time (Coinfloor). Ichimoku analysis of daily ch…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
BTC/GBP has moved back above the 1000 mark, following the plunge to 810 levels as the SEC rejected the bitcoin ETF proposal. It is currently trading at 1010 levels at press time (Coinfloor).
Ichimoku analysis of daily chart:
Tenkan Sen: 947
Kijun Sen: 946
Overall trend appears bullish and the pair is currently holding above 10-DMA. On the upside, resistance is now seen at 1023 (127.2% retracement of 936 and 616) and a break above would see the pair testing 1062 (March 03 high)/1085 (March 10 high).
On the flipside, the pair has taken support near 1000.20 (10-DMA) and a close below would drag it to 975.50 (20-DMA). A break below 20-DMA could see further dip till 956 (23.6% retracement of 616 and 1062)/905.84(38.2% retracement of 616 and 1085).
