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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. If the pair forms a range, traders may wait for the Bitcoin price GBP to dip to £31,000 before buying. The stop-loss for this trade could be kept just below the 50-day SMA because a break below this support will indicate a possible change in trend.

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Traders may buy on the bounce off this zone with the stops at £20,800. 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.

The bulls tried to push the btc to gbp price back above £23,620 on July 18 but failed. This may have attracted further selling and the bears will now try to capitalize on the weak sentiment by pulling the price below £21,000. If the support at £26,649.75 cracks, the BTC/GBP pair could extend its slide to £25,000. The first sign of strength will be a break and close above the 20-day exponential moving average . For instance, uncertainty related to Britain’s exit resulted in a massive decline in the pound’s value against its peers like EUR and USD. On the other hand, everything being equal, a hike in the interest rates only strengthens the Pound or GBP.

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. If they succeed, the BTC/GBP pair will complete a bearish descending triangle pattern.

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If they succeed, the Bitcoin Price GBP could drop to the critical £21,000 to £20,000 support zone. A break below this zone could result in panic selling, which may pull the price down to £15,000. The longer the price remains below the 20-day exponential moving average , the greater is the possibility of a continued downside. This negative view will invalidate if the bulls push and sustain the price above the 20-day EMA. Such a move will suggest strong buying at lower levels and the pair could rally to £31,005 and then to the 50-day simple moving average . We will wait for the price to break out of the 20-day EMA and sustain it for a couple of days before suggesting fresh long positions.

Bitcoin Price GBP plunged to £21,000 on May 19 according to our expectations. 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. This may have prompted selling from traders who had purchased the dip to the 100-day simple moving average .

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. 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.

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 broke below the 20-day exponential moving average on October 27 but the bulls did not allow the bears to have their way. Strong buying at lower levels pushed the price back above the 20-day EMA on October 28. The BTC/GBP pair could now pick up momentum and charge toward the 161.8% Fibonacci extension level of £56,174.25 and if this resistance is crossed, the next stop could be £60,249.98. This suggests that bears have not yet given up and are selling on rallies. The BTC/GBP pair has turned down from the overhead resistance and could now drop to the 200-day simple moving average.

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The Bitcoin price GBP is currently stuck between the 50-day simple moving average and £23,620. Although the bulls pushed the xbt to gbp price above the 20-day exponential moving average on July 4, they could not clear the hurdle at the 50-day SMA. If bears pull the price below £23,620, the BTC/GBP pair could retest the critical support at £21,000. A break below £21,000 could result in panic selling and the xbt to gbp pair could plummet to £15,000.

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The next leg of the downtrend could begin on a break and close below £29,000. The sharp fall of the past few days sent the relative strength index near to 20 levels indicating that the selling had been overdone in the short term. Usually, deeply oversold levels are followed by a minor relief rally or consolidation.

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 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 . 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. The bears will have to pull the price below this support to signal that the bullish momentum has weakened.

  • 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.
  • The BTC/GBP pair could then slide to the support line of the descending channel pattern.
  • The moving averages have completed a death cross and the relative strength index has dipped below 35, suggesting that bears have the upper hand.
  • 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.
  • Other factors – such as delivery company delays or placing an order on weekend/bank holiday – may push the arrival of your item beyond this date.

This tight-range trading is likely to result in a strong trending move. 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. 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.

A break and close below this level could intensify selling and the pair may drop to the £38,000 to £35,500 support zone. The 100-day SMA, which had been acting as a strong support till now is likely to turn into a stiff resistance. 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. A break and close above £39,299 and the 50-day SMA will indicate that the downtrend could be over.

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. Long positions should be avoided if the next drop cracks the £21,000 level.


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.

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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. Bitcoin Price GBP we did not suggest any https://cryptolisting.org/ trade in Bitcoin last week as we believed that every higher level will bring additional supply and that is what seems to be happening. The BTC to GBP pair surged above the moving averages on April 30 but the bulls could not sustain the rally.

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 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.

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Also, GBP’s volatility varies and is mostly low as well as against other traditional currencies, the same averages close to 0.6percent a day. On the other hand, BTC is highly volatile and records an average daily movement of more than 4%. But BTC is a cryptocurrency that doesn’t belong to any region or country. Thus, the geopolitical and economic factors that affect the price fluctuations of fiat currency have zero impact on Bitcoin.


Traders who had bought on the breakout and trailed their stops higher according to our suggestion could have exited at a small profit. The biggest cryptocurrency broke out of the overhead resistance at £44,238 and made a new all-time high at £47,240.05 on April 14. Bitcoin Price GBP, acyc coingecko 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.

The bulls again tried to extend the relief rally on May 3 but met with stiff resistance above the £42,000 level as seen from the long wick on the day’s candlestick. Today, the bears have dragged the price back below the moving averages. Bitcoin Price GBP we had mentioned in our previous analysis that the possibility of a fall is greater and that is what happened. BTC to GBP broke below the £23,620 support on July 15, indicating that the bitcoin to gbp bears have overpowered the bulls.

We are not confident that the price will sustain after making a new all-time high, hence we are not proposing any trades. We expect the consolidation to continue for a few more days hence, we are not recommending any trade in it. From a technical view this is backed up by the resistance and supply levels on the Fib retracements, with double confluence at the 61.8 level and MA’s. We will wait for the price to bounce and sustain above the downtrend line before recommending any long trades.

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