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- If they succeed, the Bitcoin Price GBP could drop to the critical £21,000 to £20,000 support zone.
Contrary to this assumption, if the price turns down from the current level, the zone between £38,000 and the 20-day EMA is likely to act as a strong support. A consolidation near the all-time high is a positive sign as it shows that traders are not rushing to the exit. The BTC/GBP pair has been stuck between £46,000 and the 20-day EMA for the past four days. This tight-range trading is likely to result in a strong trending move. The 100-day SMA, which had been acting as a strong support till now is likely to turn into a stiff resistance. A break and close above this level could open the doors for a possible rally to £45,306.70 and then to the all-time high at £51,000.
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- Although the bulls purchased the initial dip, they have not been able to continue the recovery.
- The bitcoin to gbp pair may now rally to the 50-day SMA, which is likely to act as a stiff resistance.
Bitcoin price GBP witnessed frenzied buying on January 29, which pushed the price above the downtrend line, resulting in a short squeeze that drove the price to £28,000. However, the bulls could not hold on to the breakout and the price gave back a large part of its gains and re-entered the triangle on the same day. Bitcoin Price GBP, we had mentioned that shorting opportunities may open up for professional traders and that is what happened. Bitcoin broke below the £38,000 support on May 12, which triggered panic selling. The BTC to GBP pair continued to move lower and reached the £31,005 support on May 17.
The BTC/GBP pair plunged below the strong support at £34,031.76 on January 4. This intensified the selling and pulled the pair to the strong support at £29,000. The long tail on the day’s candlestick shows that bulls are attempting to defend the level aggressively. The BTC/GBP pair could rise to the breakdown level at £29,000 where the bears may again mount a strong resistance. The BTC/GBP pair turned down from £29,000 on February 2 but the bulls successfully defended the £26,000 support. The pair rebounded off £26,649.75 on February 3 and buyers pushed the price above the overhead resistance on February 4.
As we had mentioned in the previous analysis, Bitcoin has not resumed its uptrend yet. The bulls are facing selling near the downtrend line but the positive sign is that the buyers are not allowing the price to dip below the 20-day EMA. This suggests demand dries up at higher levels but traders are buying the dips. The upsloping moving averages and the RSI in the positive territory suggest bulls have the upper hand. If the buyers push the price above the downtrend line, the BTC/GBP pair may again attempt to retest the all-time high at £30,936. A breakout and close above this level will signal the resumption of the uptrend.
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The bears pulled the price back below the moving averages on September 20, resulting in panic selling. The moving averages have completed a bearish crossover and the relative strength index has dropped into the negative territory, indicating that sellers are in command. The long tail on today’s candlestick shows that bulls are attempting to defend the critical support at £31,011.
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The bulls defended the 20-day exponential moving average on November 12 but higher levels again attracted selling by the bears. The BTC/GBP pair turned down on November 15 and the bears have pulled the price below the 20-day EMA today. Bitcoin plunged below the strong support of £41,931 on November 26 but a positive sign is that the bulls aggressively defended the 100-day simple moving average . The BTC/GBP pair dropped to the 20-day exponential moving average on February 14, which has acted as strong support.
If the Bitcoin price GBP breaks the 50-day SMA, it will signal a possible trend reversal. The flat 20-day EMA and the RSI just above the midpoint also suggest the bulls are losing their grip. This negative view will invalidate if the Bitcoin price GBP rebounds off £38,355 and the bulls push the pair above the downtrend line of the triangle. Such a move will invalidate the bearish pattern and could result in a retest of the all-time high. As the bearish divergence on the RSI warrants caution, we suggest traders remain on the sidelines until a new bullish setup form.
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The bulls tried to push the price above the 20-day EMA on September 24 and again on September 27 but failed. However, a minor positive is that bulls have successfully defended the 100-day simple moving average for the past few days. The Bitcoin price GBP has been clinging to the downtrend line for the past four days, which is usually a positive sign. If the bulls can propel and sustain the Bitcoin price GBP above the downtrend line, the pair may again rally to £28,000 and then to £30,000. A break above the £30,936 could resume the uptrend, but we give it a low probability of occurring at this juncture. The 20-day EMA has flattened out and the RSI is near the midpoint, which suggests a few days of range-bound action.
- The BTC/GBP pair is appealing for traders who hold pound denominated accounts.
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- The sellers will now try to sink the BTC/GBP pair below the £23,620 support.
- We will wait for the price to break out of the 20-day EMA and sustain it for a couple of days before suggesting fresh long positions.
The relief rally is likely to face stiff resistance at the moving averages. If the price turns down from the 20-day EMA, it will suggest that traders are liquidating their positions at higher levels. The deeper the decline, the longer it will take for the BTC/GBP pair to stage a recovery and challenge the all-time high. This negative view will invalidate if the pair climbs above the moving averages. Such a move could open the doors for a retest of the £44,238 to £47,240.05 overhead resistance zone. The Bitcoin price GBP is currently stuck between the 50-day simple moving average and £23,620.
GBP AND BTC- PRIMARY DIFFERENCES
Bitcoin has been finding support at the 200-day simple moving average for the past few days but is struggling to sustain the rebound. We had mentioned in our previous analysis that Bitcoin could slide to £25,000 and the price dipped to £25,414.38 on February 24. The subsequent rally rose to the 50-day simple moving average but the bears defended the level aggressively. Crypto Token Tracker shows the most accurate live prices, charts and market rates from trusted top crypto exchanges globally. Crypto Token Tracker have over 2100+ cryptocurrencies, trusted historical data, details of active, upcoming and finished ICOs. The website provides a list of cryptocurrency and blockchain related events, valid and authentic list of cryptocurrency wallets and Bitcoin mining pools.
Until then, every rally is likely to be met with strong selling pressure from the bears. Aggressive traders may buy 40% of the desired allocation if the Bitcoin price GBP bounces off £21,000. This trade should not be attempted on the way down but only on a rebound. This is a risky counter-trend trade, hence, traders may keep a close stop-loss to protect their positions because if the £20,000 level cracks, the decline could extend to £15,000.
The bearish divergence on the RSI is pointing to a possible deeper correction. We will wait for the price to form a bottom before proposing a trade in it. However, the relative strength index has formed a positive divergence, indicating the selling pressure has reduced. The gbp to btc bulls are likely to defend the £23,620 to £21,000 support aggressively. If buyers can drive the gbp to btc price above the 20-day EMA, the BTC/GBP pair will continue its consolidation between £21,000 to £31,005.
We had also mentioned that the RSI is in overbought levels and such markets can turn around quickly. We saw an example of that on January 11 when the BTC/USD pair plummeted below the 20-day EMA and fell to an intraday low at £21,000. The bulls aggressively purchased the lows, which is a positive sign as it shows strong demand at lower levels.
We will wait for the price to break out of the 20-day EMA and sustain it for a couple of days before suggesting fresh long positions. The btc to gbp pair is likely to face stiff resistance at the 61.8% Fibonacci retracement level at £36,834.35 and then https://coinbreakingnews.info/ again at £38,000. If the price turns down and breaks below £35,280, the pair could decline to the 20-day EMA. A strong rebound off this support will suggest that the trend remains positive and the bulls will then again try to resume the uptrend.
The BTC/GBP pair turned down from £36,075.24 on August 29 and has reached the 20-day exponential moving average . Although the upsloping moving averages favor the bulls, the negative divergence on the relative strength index indicates that the bullish momentum may pundi x wins out vote for free binance listing be slowing down. If this level breaks down, the selling momentum could pick up further and the BTC/GBP pair could plummet to £27,000. Our assumption played out on September 7 as Bitcoin turned down sharply from £38,257.06 and plunged to an intraday low of £31,011.
If the BTC/GBP pair plummets and closes below £31,011, the next stop could be £26,845. This bearish view will invalidate if bulls drive and sustain the price above the channel. In this analysis of BITCOIN PRICE GBP – Bitcoin soared above the £42,653.53 resistance on October 15, clearing the path for a retest of the all-time high at £47,240.05.