BTC/GBP broke below 50-DMA on Wednesday and is trading in the red around 900 levels at press time (Coinfloor).

Ichimoku analysis of daily chart:

Tenkan Sen: 874

Kijun Sen: 872

On the upside, a close above 909.26 (50-DMA) would see the pair testing 940 (convergence of Cloud top and 61.8% retracement of 1085 and 706)/ 966 (February 24 high)/1003.

On the flipside, support is seen at 889 (Cloud base) and a break below would drag it to 871 (55-EMA)/837.68 (90-EMA). Watch out for a close below 870 (4H 50-SMA) for further bearishness in the pair.

Some weakness could be seen in the daily charts and hourly charts. In the 4H charts, the pair is currently trading below 20-DMA; RSI and stochs show lower bias, along with bearish crossover of MACD. Watch out for a close below 870 (4H 50-SMA) for further bearishness in the pair.