FxWirePro: BTC/GBP trades well below 20-DMA, bias lower, good to sell on rallies
BTC/GBP broke below 20-DMA on Wednesday and continued its downtrend today as well, dropping to 1751 levels. It is currently trading at 1861 levels at the time of writing (Coinfloor). Ichimoku analysis of daily chart: Ten…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
BTC/GBP broke below 20-DMA on Wednesday and continued its downtrend today as well, dropping to 1751 levels. It is currently trading at 1861 levels at the time of writing (Coinfloor).
Ichimoku analysis of daily chart:
Tenkan Sen: 2033
Kijun Sen: 1895
On the upside, the pair faces stiff resistance at 1924 levels (2h 10-SMA) and a consistent break above would see it testing 1988.40 (20-DMA)/2059 (5-DMA)/2123.50 (10-DMA).
On the flipside, support is seen at 1819 (4h 200-SMA) and any violation would see a dip till 1751 (today’s low so far)/1654 (78.6% retracement of 1475 and 2315)/1475 (May 27 low).
Momentum studies have turned bearish: RSI is weak at 48; stochs suggest lower bias and MACD line is below the signal line.
Recommendation: Good to go short on rallies around 1920/1940. SL: 2034. TP: 1751/1654.
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