FxWirePro: BTC/GBP takes support near daily cloud base, break below 4H 50-SMA confirms bearishness
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)…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
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.
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