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A Bitcoin price GBP breakout of the all-time high will signal the resumption of the uptrend, with the next target objective at £50,000. The upsloping moving averages suggest advantage to the bulls but the negative divergence on the RSI signals caution. They will mount a stiff resistance in the zone between £42,000 and £44,238. If the Bitcoin value gbp turns down from this resistance zone and breaks the 20-day EMA support, the bears will again challenge the 50-day SMA. If that happens, the pair could start a deeper correction to £31,005.
This suggests the sentiment has turned bearish and traders are now looking to sell on rallies to strong resistance levels. 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 broke above the overhead resistance of £44,238 on April 12 and 13, but the bulls have not been able to sustain the breakout.
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- Bitcoin Price GBP, According to our assumption outlined in the previous analysis, the bulls could not push the price above the downtrend line.
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- 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.
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If the price turns down from the 20-day EMA, it will suggest that traders are liquidating their positions at higher levels. If this support cracks, the risk of a decline to £31,005 increases. 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.
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- In our previous analysis we had recommended traders buy the rebound off £21,000 and the market gave two opportunities to buy on June 22 and 26.
- If the 50-day SMA breaks down, the decline could extend to £27,733.84 and then to £21,000.
- Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate.
- This suggests that bears are aggressively defending the all-time high at £44,238.
- The rising 20-day exponential moving average and the relative strength index in the overbought zone indicate that bulls are in the driver’s seat.
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. 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.
Bitcoin Price Gbp – How To Trade BTC/GBP
The long tail on the day’s candlestick shows that the bulls purchased the dip aggressively. The buyers will now have to drive the price above £41,795 to resume the uptrend. 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.
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. 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. The BTC/GBP pair has been stuck between £46,000 and the 20-day EMA for the past four days.
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Such a move could open the doors for a retest of the £44,238 to £47,240.05 overhead resistance zone. 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.
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. We had warned that Bitcoin could face selling near the 20-day exponential moving average and that is what happened. 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 selling continues and the bears sink the price below £38,355, it will complete a bearish descending triangle pattern.
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 https://coinbreakingnews.info/ intensify and the pair may drop to £31,005. The 20-day EMA has turned down and the RSI has slipped into the negative zone, indicating advantage to the bears. However, if the bulls purchase the drop to £36,777, the btc price gbp could remain range-bound for a few days.
The chart setup looks like the price may remain range-bound with a negative bias. Hence, we are not recommending any fresh long positions at the current levels. Therefore, relief rallies to the 20-day EMA are likely to be sold into. With buyers stepping in at £21,000 and sellers at £31,005, the stage seems to be set for a consolidation between these two levels for a few days. However, if the bears sink the price below £21,000, the selling could intensify and the pair could drop to £15,000.
Technical Analysis
The bitcoin to gbp pair may now rally to the 50-day SMA, which is likely to act as a stiff resistance. If the bitcoin price uk turns down from the 50-day SMA, the pair could drop to the 20-day EMA. A strong rebound off this support will suggest that the sentiment has turned bullish and traders are attempting to buy on dips. A breakout and close above the 50-day SMA will clear the path for a stronger recovery that may reach the 61.8% Fibonacci retracement level at £33,902.53 and then £38,000. Conversely, if the price turns down and breaks below the 20-day EMA, it will suggest that traders are squaring their positions on rallies.
The pair rebounded off £26,649.75 on February 3 and buyers pushed the price above the overhead resistance on February 4. This zone has acted as a strong resistance on three previous occasions, hence the bears are again expected to mount a strong defence. If the price turns down from this zone, the pair could drop to the 50-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.
The first target for Bitcoin highest price GBP ever is on the upside is £45,000. However, the short-term traders may dump their positions if the bulls fail to sustain the bitcoin value gbp above £44,238. That may also encourage the aggressive bears to initiate short positions. A break below this support could start a deeper correction that could reach £36,777 and then £31,005. Although Bitcoin rose above £34,398.41 on September 15, the bulls could not sustain the higher levels. The bears pulled the price back below the moving averages on September 20, resulting in panic selling.