BTC/GBP hit a high of 857 levels earlier in the day but failed to hold its strength and turned red. It is currently trading at 827 levels at the time of writing (Coinbase).

Ichimoku analysis of daily chart:

Tenkan Sen: 791.80

Kijun Sen: 748.68

Trend reversal: 698 (90-EMA)

The pair is showing a slight dip after hitting 857 levels. The dip comes as recent reports state that the People’s Bank of China is holding a meeting with domestic bitcoin exchanges, raising concerns over tightening of regulations on bitcoin trading in the country.

Hourly charts show that the pair has taken support near Cloud bottom and a break below could see further weakness in the pair.

In the daily chart, the pair is holding above 817 (7-DMA) and a close below could see a dip till 778 (trend line joining 467.77 and 611.12)/762.60 (21-DMA).

However, overall bias remains bullish (weekly and daily charts) and the current dip could be used to go long. Immediate resistance is seen at 857 levels (today’s high) and a break above would target 876 (78.6% retracement of 950 and 605)/900.