FxWirePro: BTC/GBP hovers around 5-DMA, break above 975 targets 1000
BTC/GBP is trying to hold its strength above 5-DMA and is currently trading at 956 levels at press time (Coinbase). Ichimoku analysis of daily chart: Tenkan Sen: 910.94 Kijun Sen: 862.52 Overall trend appears bullish as …
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
BTC/GBP is trying to hold its strength above 5-DMA and is currently trading at 956 levels at press time (Coinbase).
Ichimoku analysis of daily chart:
Tenkan Sen: 910.94
Kijun Sen: 862.52
Overall trend appears bullish as the pair successfully holds above 10-DMA. However, traders are preferred to be little cautious as stochs and RSI(14) are in overbought zones.
On the upside, resistance is seen at 975 levels (February 24 high) and a break above would target 1000 (psychological level)/1043 (127.2% retracement of 950 and 650).
On the flipside, support is seen at 939.97 (5-DMA) and any violation would drag it to 905.23 (10-DMA)/862.18 (20-DMA).
MSCI plans to name potentially affected constituents Nov. 11 before the screen takes effect Nov. 30; Strategy says index funds hold 3.1% of its basic shares.
CoinShares’ soft-landing case assumed productivity gains; Glassnode’s Wednesday, Oct. 14, analysis showed cost and order-book references from about $78,000 to $88,000.
