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The bears pulled the price back below the moving averages on September 20, resulting in panic selling. The moving averages have completed a bearish crossover and the relative strength index has dropped into the negative territory, indicating that sellers are in command. The long tail on today’s candlestick What is DubaiCoin shows that bulls are attempting to defend the critical support at £31,011. 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.
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 we did not suggest any 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 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.
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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. Alternatively, if the price rebounds off £29,000, the bulls will make one more attempt to clear the overhead hurdle at £32,400. EU countries’ energy ministers adopted a fresh set of policies on Friday to attempt to tame high energy costs, including windfall profit taxes on energy firms.
Both moving averages are sloping down and the relative strength index is close to the oversold levels, indicating that bears are in command. 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. Bitcoin price GBP witnessed frenzied buying on January 29, which pushed the price above the downtrend line, resulting in a short squeeze that drove the price to £28,000.
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. We had mentioned in our previous analysis that the bears will defend the zone between £32,382 and £34,032 aggressively and that is what happened. Bitcoin turned down from £33,987.99 on March 2 and broke below the moving averages on March 4. It was created by an anonymous individual/group under the name, Satoshi Nakamoto.
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 below the 200-day SMA will be a huge negative as that will dent sentiment further and drive away the bulls. The BTC/GBP pair could then drop to £29,000 and later to £26,845. The downsloping 50-day SMA and the relative strength index in the negative zone indicate that bears are in control. If bears pull the price below £34,000, the selling could intensify and the pair could extend its downtrend.
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Bitcoin Price GBP turned down from the 20-day exponential moving average on June 4, suggesting the bears are aggressively defending this resistance. The downsloping moving averages and the relative strength index near the oversold territory indicate the bears are in control. The BTC/GBP pair has broken below the critical support at £23,620 today.
- Aggressive traders can buy on a close above £44,238 and keep a stop-loss below the 20-day EMA.
- 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.
- 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.
- As far as Bitcoin is concerned, it remains the leading crypto with nearly 50% market share.
The selling resumed on February 20 and the bears pulled the price below £29,000. The bulls attempted to push the price back above the breakdown level on February 21 but the bears sold the rally to £29,000. 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. 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 that happens, the next stop could be £38,000 and then £42,000.
The moving averages have completed a death cross and the relative strength index has dipped below 35, suggesting that bears have the upper hand. If sellers sink the price below £29,000, the BTC/GBP could start the next leg of the downtrend. 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.
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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.
As this was the first dip, traders purchased it aggressively, resulting in a strong rebound. 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. 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.
- 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.
- Contrary to this assumption, if the bears sink the price below the 20-day EMA, the BTC/GBP pair could retest the critical support at the 50-day SMA.
- A break and close above £39,299 and the 50-day SMA will indicate that the downtrend could be over.
- If that happens, the next stop could be £38,000 and then £42,000.
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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.
The next target objective on the upside is the 1.618% Fibonacci extension level at £56,174.25. 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 . Such a move could delay the start of the next leg of the uptrend. Bitcoin bounced off the 20-day exponential moving average on November 6 and soared above the overhead resistance at £48,426.53 on November 8, defying our assumption of a consolidation. 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.
The moving averages have completed a bullish crossover and the RSI is in the positive territory, suggesting that bulls have the upper hand. If the BTC/GBP pair rebounds off the 20-day exponential moving average , the bulls will make one more attempt to clear the overhead hurdle at £31,005. This bullish view will invalidate if the btc to gbp price breaks below the 20-day EMA. Such a move will increase the possibility of a range-bound action for the next few days. A short-term trading opportunity may arise if the price rebounds off the 20-day EMA but traders could remain on the sidelines if the support cracks. 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.
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- If the price breaks below the 20-day EMA, the bears will make one more attempt to pull the pair below £41,500.
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- If that happens, the pair may start its northward march to £42,653.53 and then retest the all-time high at £47,240.05.
If the price turns down from the 20-day EMA, it will suggest that traders are liquidating their positions at higher levels. That could pull the price down to the critical support at £36,777. 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. Such a move could open the doors for a retest of the £44,238 to £47,240.05 overhead resistance zone.
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The downsloping moving averages and the RSI near the oversold territory suggest that bears are in control. 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 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.
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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. Conversely, if bulls drive and sustain the price above £29,000, it will suggest that the markets have rejected the lower levels.
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Bitcoin price GBP has been sustaining above the £30,936 breakout level for the past few days, but the momentum has not picked up. 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. The next support on the downside is £30,936 and then the 50-day SMA. If they are able to do that, the Bitcoin price GBP may remain range-bound for a few days.
The 20-day EMA has started to turn up and the RSI has risen into the positive territory, indicating that the selling pressure has reduced. The bitcoin to gbp pair may now rally to the 50-day SMA, which is likely to act as a stiff resistance. https://cryptolisting.org/ 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.
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.