The 50-day SMA, which had been acting as a major support, is now acting as a resistance. Selling continued on April 19 and the pair commenced its journey toward the next support at £36,777. This is an important support to watch out for because if it cracks, the selling could intensify and the pair may drop to £31,005.

• The downsloping moving averages and the relative strength index in the negative territory indicate the path of least resistance is to the downside.
• If sellers sink the price below £29,000, the BTC/GBP could start the next leg of the downtrend.
• The rally has reached the strong resistance zone of £32,382 to £34,031.

We remain cautious and will wait for a decisive close above the overhead resistance before recommending any trades. If the pair breaks and closes below £41,931, the selling could intensify and the decline could extend to £38,000. Contrary to this assumption, if the price rebounds off the current level and rises above the downtrend line, it will suggest that the selling momentum has weakened. 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 and close below £24,450 could open the doors for a possible drop to £21,462.10. We had mentioned in our previous analysis that Bitcoin is likely to face stiff resistance in the zone between £32,382.23 and £34,031.76 and that is what happened.

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Bitcoin is currently trading for $38,400, representing an increase of 10.78% compared to yesterday’s value. Meanwhile, Ethereum’s price has increased by 7.78% on the day, while XRP skyrocketed, gaining 46.55% of its value. This negative view will invalidate if the price rebounds off the current levels and rises above the August 23 intraday high of £36,999.

If they succeed, the BTC/GBP pair will complete a bearish descending triangle pattern. This negative setup could start the next leg of the downtrend, which may reach £15,000. The downsloping moving averages and the relative strength index in the negative territory indicate the path of least resistance is to the downside. However, the bulls may not surrender the £21,000 to £20,000 support zone easily and will try to defend it. The bulls will have to push the btc to gbp price above the downtrend line to signal a trend change.

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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. This showed the bulls are buying on minor dips and are not waiting for a fall to £30,936 to buy. The bulls pushed the price above the £36,759.61 overhead resistance on March 8 and have followed it What is CannabisCoin up with another up-move today. 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.

If buyers drive the pair above the overhead zone, the next stop could be the 200-day SMA. The BTC/GBP pair turned down on February 26 but strong buying on February 28 propelled the price above the 50-day SMA. The rally has reached the strong resistance zone of £32,382 to £34,031. Ethereum is currently trading within a narrow range, bound by $1,169 to the downside and $1,211 to the upside. If ETH decides to move up, the next most likely resistance level will be the $1,341.5 level. If, however, it breaks this range to the downside, it has many support levels.

Although the upsloping moving averages favor the bulls, the negative divergence on the relative strength index indicates that the bullish momentum may be slowing down. The rising 20-day exponential moving average and the relative strength index in the overbought zone indicate that bulls are in https://cryptolisting.org/ the driver’s seat. Bitcoin broke above the psychological barrier of £50,000 on November 9 and 10 but the bulls could not sustain the higher levels. This may have prompted profit-booking from short-term traders which pulled the price back below the breakout level of £48,426.53 on November 10.

The long tail on the day’s candlestick shows that bulls are attempting to defend the level aggressively. 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. The BTC/GBP pair could rise to the breakdown level at £29,000 where the bears may again mount a strong resistance.

• The NFT-oriented play-to-earn business model ensures everyone can access the game and enjoy their time without having to make steep upfront investments.
• Bitcoin has been in a strong uptrend that pushed the RSI deep into overbought territory.
• Bitcoin uses the SHA-256 hashing algorithm with an average transaction confirmation time of 10 minutes.
• Another thing to mention is that the overall industry market cap has reached past $1 trillion for the first time in the history of cryptocurrencies.

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. If the bulls can build upon yesterday’s recovery, the pair may again gradually attempt to move up to £30,000. The higher levels are likely to attract selling by traders as many may want to book profits. If the pair fails to break out to new highs, the selling is likely to intensify and that could again pull the price back towards £20,000.

GBP AND BTC- PRIMARY DIFFERENCES

Bitcoin has been in a strong uptrend that pushed the RSI deep into overbought territory. This suggests that traders are buying at every higher level due to FOMO. While such a frenzied buying generates quick returns, it is also very risky as the rally can turn around quickly. A sample of that was seen on January 4 when the BTC/GBP pair plummeted to £19,500, a 23.66% correction in a day. As this was the first dip, traders purchased it aggressively, resulting in a strong rebound.

A consolidation near the all-time high is a positive sign as it shows that traders are not rushing to the exit. That could increase the prospects of the continuation of the uptrend. 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. The bullish momentum could pick up if bulls clear this overhead hurdle. The pair may then challenge the £48,426.53 to £51,000 resistance zone. The long tail on the day’s candlestick shows that bulls aggressively purchased the dip.

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 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. This is an important level to watch out for because, if this cracks, a deeper correction could start. We do not find a reliable buy setup and the indicators are also not pointing to a clear advantage to the bulls. The selling continues and the bears sink the price below £38,355, it will complete a bearish descending triangle pattern. If the Bitcoin price GBP breaks the 50-day SMA, it will signal a possible trend reversal.

Ethereum’s chart looks pretty similar to Bitcoin’s, as they both moved to the upside in the same manner. The second-largest cryptocurrency by market cap pushed past many support levels and reached $1,225 before descending slightly. Alongside Bitcoin’s move to new all-time highs, this move contributed the most to the overall crypto sector market cap passing the $1 trillion mark. 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.

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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 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.

If they can sustain the breakout, the pair may retest the all-time high at £44,238. 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.

EXTREME: BITCOIN WARNING AS CRYPTOCURRENCY SURGES

The Bitcoin price GBP We had mentioned in our previous analysis that we were bullish and that is how Bitcoin played out last week. The largest cryptocurrency surged above £41,795 on March 13 and hit a new all-time high at £44,238. However, the bulls could not hold on to the higher levels as the price turned down and broke below the breakout level at £41,795. This is a negative sign as it suggests traders are booking profits on rallies. Bitcoin price GBP slipped and closed below the £36,777 support on April 24 but the bears could not extend the decline to £31,005. The price reversed direction from £33,705.58 on April 25 and soared back above £36,777 on April 26.

• This positive view will be invalidated if the price turns down from the current level and breaks below the 50-day SMA.
• 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.
• We will wait for the price to form a bottom before proposing a trade in it.
• The bulls will again attempt to drive the price above the overhead zone.
• The first sign of weakness will be if bears pull the btc to gbp price below the 20-day EMA.

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. This bullish view will be invalidated if the pair turns down from the current level and plummets below the £20,000 support.

After the initial bounce, the bulls are unlikely to have an easy path higher. The bearish crossover on the moving averages and the RSI still in the negative territory suggests the bears have the upper hand. The downsloping 20-day EMA and the RSI near the overbought territory indicate the bears are in control. 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.

The first sign of weakness will be a break and close below the 20-day EMA. Such a move will suggest that traders are closing their positions and supply exceeds demand. The relief rally is likely to face stiff resistance at the moving averages.

We expect the consolidation to continue for a few more days hence, we are not recommending any trade in it. The 20-day EMA is gradually flattening out and the relative strength index has dropped below 57, indicating that the bullish momentum may be weakening. We do not see any attractive trade setup, hence we have not been proposing any trades for the past few days. This is aided and abetted by the relative strength index which is currently sitting at around 34 with the bears firmly in control. We will wait for the price to bounce and sustain above the downtrend line before recommending any long trades.

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. However, the bulls could not sustain the Bitcoin price GBP above £44,238 and the BTC/GBP pair dipped back below this level on April 17. This resulted in sharp selling by short-term traders and the price plunged below the 50-day SMA on April 18. Although the bulls purchased the initial dip, they have not been able to continue the recovery.

This could keep the pair range-bound for a few days as the bulls and the bears try to dominate proceedings. If the bulls can push the price above £25,543.89, the up-move could resume with the next target objective at £31,399. Contrary to this assumption, if the bears sink the price below the 20-day EMA, a deeper correction to the 50-day SMA could be on the cards. Hence, traders can wait for the consolidation to end and the trending move to begin before initiating fresh positions. The Bitcoin price GBP pair features Bitcoin as well as UK’s fiat currency-GBP.