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Bitcoin soared from the support zone and broke above the downtrend line of the descending triangle pattern on July 26. This negative view will invalidate if the price rebounds off the current levels and rises above the August 23 intraday high of £36,999. This indicates that traders continue to buy on dips, anticipating a move higher. The rising moving averages and the relative strength index above 63 signals advantage to buyers.
If the price breaks below the 20-day EMA, the bears will make one more attempt to pull the pair below £41,500. If they succeed, the pair could plummet to the 50-day simple moving average . Bitcoin has been finding support at the 200-day simple moving average for the past few days but is struggling to sustain the rebound.
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 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 20-day EMA has turned down and the RSI has slipped into the negative zone, indicating advantage to the bears.
We had projected a target objective of £31,399 in our previous analysis and Bitcoin rose to an intraday high at £30,936 on January 8. 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. The pair could remain range-bound for a few days before starting the next trending move. We do not find any reliable setups that offer an attractive trading opportunity. 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.
Alternatively, if the price rebounds off £29,000, the bulls will make one more attempt to clear the overhead hurdle at £32,400. A break and close below £24,450 could open the doors for a possible drop to £21,462.10. Staking refers to the verification of transactions on a cryptocurrency’s blockchain. When staking a cryptocurrency, you usually have to have a minimum amount of that coin in order to be trusted to participate in the process. Similar to mining, users who engage in staking earn financial rewards for their work.
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 BTC/GBP pair turned down from £36,075.24 on August 29 and has reached the 20-day exponential moving average . If this level breaks down, the selling momentum could pick up further and the BTC/GBP pair could plummet to £27,000. This bearish view will invalidate if bulls drive and sustain the price above the channel. Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, the pair could plummet to £31,011.
The first support on the downside is £30,000 but if this level gives way, the decline could extend to £26,845. If the price turns down from the overhead resistance, the pair could consolidate between £29,000 and £34,031.76 for a few more days. 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 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.
Contrary to this assumption, if bears sink the price below £21,000, the selling could intensify and the pair may drop to £15,000. They can buy 30% of their desired long-term purchase at the current level. Short-term investors may buy if the next dip again rebounds off £21,000. https://coinbreakingnews.info/ Long positions should be avoided if the next drop cracks the £21,000 level. The Bitcoin price GBP pair has dipped back to the 20-day EMA, which is an important support to watch out for. If the price rebounds off this support, it will suggest traders are buying on dips.
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. 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. 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 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.
This negative view will be invalidated if the price turns up from the current level and breaks above the all-time high. Such a move will indicate that demand remains strong and traders are accumulating on dips. The moving averages are about to complete a bearish crossover and the relative strength index is 10 bitcoin millionaires in the negative zone, indicating that the path of least resistance is to the downside. However, the subsequent rebound fizzled out just above the 50-day SMA, indicating that bears are selling on rallies. The BTC/GBP pair turned down on November 21 and the price has dipped back to the support at £41,931.
Hence, traders can wait for the consolidation to end and the trending move to begin before initiating fresh positions. Bitcoin Price GBP, According to our assumption outlined in the previous analysis, the bulls could not push the price above the downtrend line. That led to a sharp fall below the 20-day EMA on January 21 and Bitcoin dropped to the 50-day SMA on January 22. Although the price rebounded off the 50-day SMA, the bulls could not push and sustain the price above the 20-day EMA. This suggests the sentiment has turned bearish and traders are now looking to sell on rallies to strong resistance levels.
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A break below this support could start a deeper correction that could reach £36,777 and then £31,005. 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.
Bitcoin has been trading between the 20-day exponential moving average and the horizontal support at £23,620 for the past few days. 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. 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.
