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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. On the other hand, if the bears sink the Bitcoin price GBP below the 50-day SMA, the pair could enter a deeper correction and decline to £21,000. As the bottom is still not in place, we are not proposing a trade in it.
If that happens, the pair could rally to the 50-day simple moving average , which may again act as a stiff resistance. A break and close above this resistance will signal a possible change in trend. 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.
HUH Token launched just last week on the 6th of December, and in just a matter of days, the price soared by 6000%. EverGrow Coin equally had a successful launch; however, the coin is currently showing signs of slowing down and has been stuck in a dip for quite some time now. The BTC/GBP pair turned down from £36,075.24 on August 29 and has reached the 20-day exponential moving average .
Contrary to this assumption, if the price rebounds off the current level, it will suggest strong accumulation on dips. The bulls will have to push and sustain the price above the moving averages to indicate that the selling pressure has reduced. 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. 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.
Bitcoin (BTC)=0 USD
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. 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.
This bearish view will invalidate if bulls drive and sustain the price above the channel. A consolidation near the all-time high is a positive sign as it shows that traders are not rushing to the exit. If the pair breaks and closes below £41,931, the selling could intensify and the decline could extend to £38,000. The bears are currently attempting to stall the relief rally at the 20-day EMA. If the price turns down from the current level and breaks below £41,931, the bears will once again try to challenge the 100-day SMA.
However, the bulls purchased this drop as seen from the long tail on the day’s candlestick. The bulls attempted to push the price back above £31,005 on May 20 but failed. The downsloping moving averages and the RSI near the oversold territory suggest that bears are in control. The BTC/GBP pair rebounded off the 100-day SMA on November 28 and reached the overhead resistance at the 20-day exponential moving average on November 29. The BTC/GBP pair plunged below the strong support at £34,031.76 on January 4.
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. 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. The flat 20-day EMA and the RSI just above the midpoint also suggest the bulls are losing their grip.
BTC TO GBP – HOW TO TRADE BTC/GBP 14TH SEPTEMBER 2021
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. 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. Bitcoin Price GBP relief rally again turned down from the 38.2% Fibonacci retracement level at £28,593.47 on May 27.
If the bulls can propel the Bitcoin price GBP above this resistance, the pair could reach the psychological level at £50,000. The 20-day EMA has started to rise again and the RSI has risen above 63 levels, which suggests the bulls are back in the driver’s seat. If the Bitcoin price GBP turns down from the all-time high, the pair may consolidate between £36,759.61 and £41,795 for a few days. Although the trend is bullish, we do not find a trade with an attractive risk to reward ratio, hence, we are not recommending any fresh long positions. 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 BTC/GBP pair could rise to the breakdown level at £29,000 where the bears may again mount a strong resistance. 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. Both moving averages have flattened out and the relative strength index is near the midpoint, indicating a range-bound action in the near term. The BTC/GBP pair is likely to remain stuck between £24,450 on the downside and £34,032 on the upside.
The price re-entered the wedge on May 10 and broke below the moving averages, suggesting the bears are selling on every minor rally. Bitcoin price gbp we had said in our previous analysis that bears will continue to defend the £31,005 levels aggressively and that is what happened. The failure of the bulls to push the Bitcoin to GBP price above £31,005 between July 30 and August 1 attracted profit-booking from short-term traders. A breakout and close above the £47,240.05 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 broke below the 20-day exponential moving average on October 27 but the bulls did not allow the bears to have their way.
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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.
- The first sign of weakness will be if bears pull the btc to gbp price below the 20-day EMA.
- The bears are currently attempting to stall the up-move at the overhead resistance at £42,653.53 but a positive sign is that bulls are not giving up much ground.
- 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.
- A break and close below the channel will indicate panic selling and that may pull the price down to £22,000.
The next leg of the downtrend could begin on a break and close below £29,000. Both moving averages are sloping down and the relative strength index is close to the oversold https://cryptolisting.org/ levels, indicating that bears are in command. The BTC/GBP pair turned down on February 26 but strong buying on February 28 propelled the price above the 50-day SMA.
TRADING BTC/GBP
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. Therefore, traders who had purchased on the rebound off £21,000 as suggested in our earlier analysis may trail their stops to breakeven.
We do not find a reliable buy setup and the indicators are also not pointing to a clear advantage to the bulls. However, the flat moving averages and the RSI just above the midpoint suggest a few days of range-bound action. While the support is defined, the Bitcoin price GBP is yet to confirm the resistance level.
Trading Chart Patterns, Common trading chart formations to look for when trading stocks, equities, futures, or the forex market
The pair bounced off the 20-day EMA on August 4 and the bulls pushed the price above the overhead resistance of £31,005 on August 7. If buyers sustain the price above £31,005, the pair could start its journey to £36,000 and then to £38,000. The rising moving averages and the relative strength index in the overbought zone suggests that bulls are in control.
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. 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. Bitcoin price GBP bounced off the 20-day EMA on March 17 fizzled out at £43,125.98 on March 18. This suggests that bears are aggressively defending the all-time high at £44,238.
If bears sink the price below £21,000, the selling could intensify and the pair may drop to £15,000. This negative view will invalidate if the price rebounds off the current level and betprotocol coin breaks above the 50-day simple moving average . 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.
