Such a move will suggest that supply exceeds demand and the sentiment could be turning negative. A break and close below the 20-day EMA could pull the price down to £38,257.06. This indicates that traders continue to buy on dips, anticipating a move higher.
This is a negative sign as it suggests traders are booking profits on rallies. Bitcoin Price GBP relief rally again turned down from the 38.2% Fibonacci retracement level at £28,593.47 on May 27. Both moving averages are sloping down and the relative strength index is in the negative territory, indicating bears have the upper hand. The sellers will now try to sink the BTC/GBP pair below the £23,620 support. However, the flat moving averages and the RSI just above the midpoint suggest a few days of range-bound action.
The failure of the buyers to defend the £23,620 support is another sign of a lack of demand at lower levels. The bullish divergence on the relative strength index also supports the view that the bearish momentum may be waning. If the bulls drive the price above the 20-day EMA, the BTC/GBP pair may rise to the 50-day simple moving average where the bears are likely to mount another stiff resistance. However, the possibility of the bulls pushing the price above the 50-day SMA is high. If that happens, the pair could rally to £29,350 where traders can book profits on 50% of their position and trail the stops on the rest. A breakout and close above the £30,000 to £31,005 resistance zone will suggest that the downtrend has ended.
If they succeed, the pair could start its journey toward the £30,000 to £31,005 overhead resistance zone. If the pair closes below the 20-day EMA, the possibility of a decline to the 50-day simple moving average increases. The negative divergence on bytecoin mining profitability the relative strength index also points that the bullish momentum may be weakening. The selling could intensify if bears break the critical support at £41,931. Bitcoin has been in a strong uptrend that pushed the RSI deep into overbought territory.
The bears will have to pull the price below this support to signal that the bullish momentum has weakened. Bitcoin price gbp broke above the overhead resistance of £44,238 on April 12 and 13, but the bulls have not been able to sustain the breakout. However, the positive sign is that the bulls have not given up much ground, which shows that traders are not closing their positions in a hurry.
The failure to make a new all-time high could have attracted profit-booking from short-term traders, which has pulled the price below the 20-day EMA. In an uptrend, when the price breaks below the 20-day EMA, it is a sign that the bullish momentum may be waning. Bitcoin price GBP broke below the £38,355 support on March 25 but the bears could not crack the 50-day SMA support. This could have attracted sharp buying from the bulls and short covering from the bears who went short below £38,355. The BTC price GBP rose back above the 20-day EMA on March 26, indicating the breakdown was a bear trap.
Additionally, the currency continues to remain strong due to its historically stable economic and political climate. The BTC/GBP pair is appealing for traders who hold pound denominated accounts. Given that BTC’s volatility is much higher when compared to GBP on a long-term and daily basis, traders looking to trade the pair must focus on the price movements of BTC. Crypto investors must stay abreast with the news related to BTC, such as hard forks. Also, the overall approach of mainstream finance to both crypto and regulation will be crucial for both long-term and intraday trading of BTC/GBP. When holding the pair for the long-term, crypto traders must learn to stay calm when volatility lasts for the short-term.
The moving averages have completed a death cross and the relative strength index has dipped below 35, suggesting that bears have the upper hand. If sellers sink the price below £29,000, the BTC/GBP could start the next leg of the downtrend. The failure to rise above the resistance has attracted profit-booking. The bears will now try to pull the price to the strong support at £29,000. If the price turns down from the zone, the bears will try to pull the pair below the 20-day EMA. If they succeed, the pair could drop to the strong support at £29,000.
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The BTC/GBP pair could then slide to the support line of the descending channel pattern. If that happens, the pair may start its northward march to £42,653.53 and then retest the all-time high at £47,240.05. The 50-day SMA has turned down and the relative strength index has been trading in the negative territory, indicating that bears are in control. A break above or below the range is likely to begin the next trending move. Until then, the price action inside the range is likely to remain volatile.
- Bitcoin price GBP bounced off the 100-day simple moving average on September 29 and broke above the descending channel on October 1.
- The downsloping moving averages and the relative strength index in the negative territory indicate the path of least resistance is to the downside.
- The BTC/GBP pair could then slide to the support line of the descending channel pattern.
- The Bitcoin price GBP turned down from the £36,759.61 overhead resistance on March 4, but the bulls did not allow the price to sustain below the 20-day EMA on March 5 and 6.
The top meme tokens by market capitalization have increased in value by 4.4% in the last 24 hours according to statistics. Dogecoin had a good week jumping more than 20% during the last seven days. We remain cautious and will wait for a decisive close above the overhead resistance before recommending any trades. Alternatively, if the price rebounds off £29,000, the bulls will make one more attempt to clear the overhead hurdle at £32,400.
Thus, the geopolitical and economic factors that affect the price fluctuations of fiat currency have zero impact on Bitcoin. Similarly, Bitcoin’s value tends to drop when negative information around security, like exchanges getting hacked or cryptos stolen, dampen sentiment. They are currently again trying to sink the Bitcoin price GBP below the 20-day EMA. If they succeed, then it could lead to long liquidation as the aggressive bulls who purchased on February 22 may be forced to cover their positions. If they are able to do that, the Bitcoin price GBP may remain range-bound for a few days.
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Bitcoin price gbp we had mentioned in our previous analysis that the bulls may not surrender the £21,000 to £20,000 support zone easily and that is what happened. Bitcoin soared from the support zone and broke above the downtrend line of the descending triangle pattern on July 26. However, the subsequent rebound fizzled out just above the 50-day SMA, indicating that bears are selling on rallies.
Bitcoin is currently facing resistance at the 20-day exponential moving average but the bears have not been able to sink the price back below £23,620. However, any relief rally to the 20-day exponential moving average and the downtrend line is likely to attract selling. If the price turns down from this overhead resistance zone, the bears will try to resume the down move.
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. The bulls could not push the subsequent bounce above the 20-day EMA, which suggests that the sentiment has turned negative and traders are selling on rallies. Bitcoin plunged below the 50-day simple moving average on November 18 but the bulls successfully defended the critical support of £41,931 on November 19. The long tail on the day’s candlestick shows that bulls aggressively purchased the dip. But a minor negative is that buyers are struggling to sustain the bullish momentum at higher levels.
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A break below the £31,005 support will invalidate the bullish falling wedge pattern and open the doors for a further fall to £21,000. Though a rebound from the current levels can not be ruled out, we do not suggest buying in a falling market. We will wait for the correction to end and a bottom to be confirmed before recommending long positions once again.
This tight range trading suggests a lack of urgency among traders to buy at the current levels. When the price consolidates near a strong support, the possibility of a breakdown increases. The bears will now try to sink the BTC/GBP pair below the £23,620 support. If the bulls can push and sustain the btc value gbp above £44,238 for three days, the next leg of the uptrend could resume. Aggressive traders can buy on a close above £44,238 and keep a stop-loss below the 20-day EMA. The first target for Bitcoin highest price GBP ever is on the upside is £45,000.
Bitcoin price GBP, we had mentioned in our earlier analysis that Bitcoin may rise to £36,000 and then to £38,000 if it sustains above £31,005 and that is what happened. A breakout and close above the £47,240.05 https://cryptolisting.org/ to £48,426.53 overhead resistance zone could indicate the start of the next leg of the uptrend. The next target objective on the upside is the 1.618% Fibonacci extension level at £56,174.25.
Bitcoin price GBP bounced off the 20-day exponential moving average on September 1, indicating strong buying by the bulls on dips. The buyers continued their momentum and pushed the price above the 61.8% Fibonacci retracement level at £36,834.35 on September 5. If bulls sustain the price above this level, the bitcoin to GBP pair could continue its journey toward £42,650. However, the long wick on the January 3 candlestick and the long tail on the January 4 candlestick shows traders are booking profits at higher levels and buying on dips.
The first sign of weakness will be if bears pull the btc to gbp price below the 20-day EMA. If that happens, several short-term traders may book profits, dragging the pair down to the 50-day simple moving average . Bitcoin price GBP bounced off the 100-day simple moving average on September 29 and broke above the descending channel on October 1. The 20-day exponential moving average has turned up and the relative strength index has jumped into the positive territory, indicating that bulls have the upper hand. On the other hand, a break and close below £48,426.53 will be the first indication that traders are booking profits at higher levels.