Bitcoin Price GBP – 27th October Updated Content
The Bitcoin price GBP which we had suggested traders to book partial profits in the £9,400-£9,571.93 zone as we had expected stiff resistance from the bears. However, the news-based rally on October 21 easily rose above the resistance.
Both moving averages are sloping up and the RSI is in the overbought zone, which suggests that bulls are in control.
BITCOIN PRICE GBP – HOW TO TRADE BTC/GBP 27TH OCTOBER 2020 - UPDATED CONTENT
Although the overbought levels on the RSI suggest that the markets are overheated in the short-term, the bears have not even been able to sink the price to the breakout level of £9,571.93.
This suggests that the bulls are buying on every minor dip. A tight consolidation after a sharp up-move suggests that the bulls are in no hurry to book profits. Hence, it increases the possibility of a resumption of the uptrend.
If the bulls can push the Bitcoin price GBP above the £10,100 to £10,246 resistance, the uptrend can reach £10,500 and then £10,983.87.
However, the crypto markets are known to turn around in a jiffy. Therefore, traders who are long from our earlier recommendation can trail the stops on 40% of their position at £9,840.
The stops on the remaining position can be kept just below the 20-day EMA and trailed higher as the moving average moves up.
Our bullish assumption will be invalidated if the BTC/GBP pair turns down from the current levels and plummets below the 20-day EMA. Such a move could drag the price down to the 50-day SMA at £8,650.
BITCOIN PRICE GBP – HOW TO TRADE BTC/GBP 20TH OCTOBER 2020
The bears could not drag Bitcoin back below the critical support at £8,648 last week. This shows that the previous resistance has now become a strong support and the bulls have been accumulating on dips to this level.
The BTC/GBP pair resumed its up-move on October 19 when the bulls pushed the price above £8,999. The 20-day EMA is sloping up and the RSI is close to the overbought zone, which shows that the bulls are in command.
If the bulls can sustain the price above £9,084, the pair could attempt to rise above the 52-week highs at £9,571.93. If they succeed, the next target to watch out for is £10,983.87.
Contrary to this assumption, if the bulls fail to sustain the price above £9,084, the pair could again drop to the 20-day EMA. The trend will shift in favour of the bears if they can sink the price below £8,648.
Traders who are holding long positions from our earlier recommendation can trail the stop-loss to £8,600. Partial profits can be booked in the £9,400-£9,571.93 zone as the bears are likely to defend this zone aggressively.
However, we are not suggesting to book complete profits because, if the bulls can push the price to new 52-week highs, the uptrend could resume. Hence, traders can keep a small position with a trailing stop-loss to benefit from the move, if it happens.
Bitcoin Price GBP News
Former Goldman Sachs Hedge Fund Chief Has Predicted Bitcoin Will Surge To $1 Million
It’s clear to see that Bitcoin has found fresh support this year, bolstered by growing disquiet among investors over the central banks and government stimulus measures. Covid 19 and other international factors have created the rhetoric of overzealous stimulus measure and brought to light the possible failings of current monetary policy.
Although the headline is a former Goldman Sachs hedge fund chief predicts a very high Bitcoin Price it’s clear we are a long way from this currently.
Bitcoin trading dominance hits 2017-levels not seen since $20,000 BTC
The cryptocurrency market has gone through multiple shifts over the past few years it seems it has however moved back to favouring Bitcoin dominance after the so-called DeFi pump!
While market cap dominance remains below 60%, earlier this month, the trading dominance of BTC has spiked to levels not seen since 2017 when the price hit an all-time high at $20,000.
BITCOIN PRICE GBP – HOW TO TRADE BTC/GBP 13TH OCTOBER 2020
Bitcoin Price GBP – 13th October 2020
Bitcoin surged above the moving averages on October 8 and broke above the symmetrical triangle on October 9. This was followed by another sharp move on October 10 that pushed the price above the overhead resistance at £8,648.
The BTC/GBP pair rallied to an intraday high of £8,968, which is just below £9,156, the pattern target of the break from the triangle.
The 20-day EMA is sloping up and the RSI has risen above 63, which suggests that the bulls are in command.
If the bulls can push the price above £9,156, the next level to watch out for is £9,571.93. Therefore, traders can trail the stops higher to £8,150. Partial profits can be booked if the bulls struggle to push the price above £9,156.
However, if the bulls drive the price above this level within the next few days, the positions can be held with a close stop-loss. About 80% of the profits can be booked between £9,400-£9,571.93.
This bullish view will be invalidated if the bears drag the price back below £8,648. If that happens, it will suggest a lack of buyers at higher levels. A break below the 20-day EMA will shift the advantage in favour of the bears.
BITCOIN PRICE GBP – HOW TO TRADE BTC/GBP 6TH OCTOBER 2020
The bulls attempted to push Bitcoin price GBP above the 50-day SMA on October 1 but failed. This attracted profit booking that dragged the price down to £8058 on October 2. However, the bulls purchased this dip aggressively, as seen from the long tails on the candlesticks.
The price action of the past few days has formed a symmetrical triangle, which shows indecision among the bulls and the bears.
Currently, the buyers are again trying to push the price above the 20-day EMA. If they succeed, the BTC/GBP can move up to the resistance line of the triangle.
A breakout of the triangle will be a positive sign, and the pattern target of this setup is £9,156. The bears could mount a stiff resistance at £8,648, but we expect this level to be crossed.
Contrary to this assumption, if the pair turns down from the current levels and breaks below the triangle, a drop to £7,980 is possible. A breakdown of this support could result in a decline to £7,451.
Therefore, traders who are holding long positions from our earlier recommendation can continue to keep the stop-loss at £7,900. This stop can be trailed higher after the bulls push the price above the triangle.
Bitcoin Price GBP Recent News
Bitcoin Price Volatility Hits 2-Year Low, Dropped 43% In Past Month
Bitcoin has dropped to its lowest 180-day volatility, a record 23-month low and a 43% drop in the last thirty days. Highlight a certain level of maturity and a new level of stability not seen for some time in the crypto space. Despite Macro factors impacting intraday prices has seen somewhat unfazed but the current major impacting news, COVID, USA election
Bloomberg: Bitcoin ‘has had a tendency of adding zeroes to its price’
Many public figures are joining the positive bandwagon that is the bitcoin bullish group but having Bloomberg mention “has had a tendency of adding zeroes to its price,” is a great sign and again bring Bitcoin to the forefront.
Every single Bitcoin product banned in the UK as regulators crackdown on crypto
With all the recent bearish new it seems the UK regulators are having a crackdown. They can’t stop you buying Bitcoin or other cryptocurrencies, but they can ban almost anything based on its price being sold to people in the UK by firms operating here. The FCA are stopping the sale of derivatives and exchange-traded notes (ETNs) referencing certain types of crypto assets.
BITCOIN PRICE GBP – HOW TO TRADE BTC/GBP 29TH SEPTEMBER 2020
Bitcoin Price GBP is currently range-bound between £7,980 and £8,648. The bulls purchased the dip to the £7,980 support on September 23, which suggests accumulation at lower levels.
However, the bears are unlikely to give up without a fight as they are selling on rallies to £8,648.
Both moving averages have flattened out, and the RSI is close to the midpoint, which suggests a balance between demand and supply.
The advantage will shift in favour of the bulls if they can push the Bitcoin Price GBP above £8,648, but if the BTC/GBP pair turns down and breaks below £7,980, it will signal that the bears have the upper hand.
Therefore, traders should avoid buying below this support until a new buy setup forms.
Traders who purchased on a break above the downtrend line, as suggested in the previous analysis, can keep the stop-loss at £7,970.
If the bulls again struggle to clear the hurdle at £8,648, traders can book partial profits and raise the stops on the rest of the position at breakeven.
During the next try, if the bulls can push the price above £8,648, a rally to £9,000 and above it to £9,571.93 is possible.
Top Bitcoin Price GBP News – Septemeber 29th 2020
Bitcoin and Ethereum: ETH Charges more Fees then BTC so far in 2020
The continued hype interest in the DeFi space has in not only helped the overall rally of cryptos this year but ut also have aided in Ethereums growth so much so that the network has surpassed Bitcoins total transaction fees for 2020.
Major Bitcoin Indicators have just Flipped to a bullish stance
It has recently been reported that Bitcoin needs history to repeat itself to see significant price rises. Bitcoins difficulty Ribbon also known as Moving averages has seen the ribbon compressed and has broken out of its buy zone.
Blockchain/Bitcoin and Twitter CEO Announcement Rally The Bulls
Jack Dorsey Twitter CEO who is known for his bullish sentiment on cryptocurrency and Bitcoin has recently stated in Oslo Freedom Forum that Bitcoin and blockchain technology are the future of twitter and he believes that Bitcoin has the potential to be the sole world’s currency by 2030. Taking these statements at face value maybe to some seem far fetched but just having such a well down individual be a strong proponent of blockchain and bitcoin can only spark more energy into the Bulls.
BITCOIN PRICE GBP – HOW TO TRADE BTC/GBP 22ND SEPTEMBER 2020
Bitcoin Price GBP bulls broke above the downtrend line on September 16 but could not clear the hurdle at the 50-day SMA. This attracted selling and Bitcoin Price plunged on September 21, falling to an intraday low of £8,053.
Currently, the bulls are attempting to push the Bitcoin Price GBP back above the downtrend line. If they succeed, the Bitcoin Price GBP pair could again move up to the 50-day SMA.
Bitcoin price Bulls Will They Push The Price Back up
A breakout of this resistance will suggest that the correction might be over. This could offer a buying opportunity with a target objective of £9,571.93.
However, if the pair turns down from the 20-day EMA, it will be a huge negative as it will suggest that the sentiment remains negative and the bears are viewing a pullback to this resistance as a selling opportunity.
If the bears sink the Bitcoin Price GBP below £8,000, a drop to £7,451 and then to £7,200 is possible. Currently, the 20-day EMA has started to slope down and the RSI has dipped into the negative territory, which suggests that the bears have the upper hand.
Buying on the way down without the confirmation of a bottom can quickly turn the trade into a loss, therefore, traders should be careful while buying in a downtrend.
However, if the pair rebounds sharply from £7,451, it will suggest that the bulls are accumulating at lower levels. Hence, traders can buy about 40% of their desired position size if the bounce sustains. The stop-loss for this trade can be kept at £7,400
BITCOIN PRICE GBP – HOW TO TRADE BTC/GBP 15TH SEPTEMBER 2020
BITCOIN PRICE – 15th September Updated Content
Bitcoin price GBP could never really challenge the £7,451 support in the past few days, which shows accumulation by the bulls at lower levels. Bitcoin reached the £8,217 resistance on September 12 and finally broke out of it on September 14.
This move also cleared the 20-day EMA resistance, which is a positive sign. Usually, the 20-day EMA acts as a strong resistance but the failure of the bears to defend it aggressively suggests that the correction might be over.
BITCOIN PRICE HOW TO TRADE BTC/GBP
However, the bears are likely to make another attempt to stall the relief rally at the downtrend line. If the price reverses direction from this resistance and breaks below £8,000, it will increase the possibility of a fall to £7,600.
On the other hand, if the bulls can arrest the next decline above £8,000, it could offer a buying opportunity for the positional trader who can keep the stop-loss at £7,450.
A break above the downtrend line will signal the possible end of the downtrend. Above this level, a move to £9,000 and then to £9,300 is possible.
This bullish view will be invalidated if the BTC/GBP pair plummets below £7,451. Such a move will be a huge negative and can result in panic selling. Therefore, traders should avoid bottom fishing if the price sustains below £8,000.
BITCOIN PRICE GBP – HOW TO TRADE BTC/GBP 8TH SEPTEMBER 2020
BITCOIN PRICE – September 8th Content
We had mentioned in the previous article that Bitcoin price GBP will face resistance at £9,050 and that is what happened. Bitcoin turned down from £9,030.85 and broke below the critical support at £8,217 on September 3.
This sent the Bitcoin price crashing below the neckline of the inverse head and shoulders pattern, which is a huge negative. The failure of a bullish setup is a bearish sign.
Currently, the Bitcoin price GBP is stuck in a tight range of £7,451-£8,030.04. If the bulls do not push the Bitcoin price GBP back above the £8,030.04-£8,217 resistance zone quickly, the bears will try to resume the decline.
The 20-day EMA is sloping down and the RSI has been trading below the 40 levels for the past few days, which suggests that bears are in command. Any relief rally is likely to face stiff resistance at the 20-day EMA.
If the Bitcoin price GBP turns down from either resistance or from current levels, the bears will try to sink the pair below £7,200. If they succeed, selling is likely to intensify, with the next target at £6,608.
However, if the bulls defend the £7,200 support, the pair could rise to £8,217 and remain range-bound between these two levels for a few more days.
The Bitcoin price GBP will show strength after the bulls can scale the Bitcoin price GBP above £8,217 and sustain it for three days. We suggest traders wait for the Bitcoin price GBP to find a bottom before investing. Until then, it is best to remain on the sidelines.
BITCOIN PRICE GBP – HOW TO TRADE BTC/GBP 1ST SEPTEMBER 2020
BITCOIN PRICE GBP – September 1st Content
Bitcoin price GBP plunged below the 20-day EMA on August 25, which was a huge negative as this was the first decisive close (UTC time) below this level since July 21.
Although the Bitcoin stayed below the 20-day EMA from August 25-30, the bears could not intensify the selling and sink the price to the critical support at £8,217. This attracted buying from the aggressive bulls who then pushed the Bitcoin price GBP back above the 20-day EMA on August 31.
The bulls might hit a wall at £9,050 but if this level is scaled, a move to the £9,300-£9,571.93 resistance zone is possible. However, the 20-day EMA is flat and the RSI is just above the midpoint, which suggests a balance between supply and demand.
If the Bitcoin price GBP turns down from either overhead resistance, the Bitcoin price GBP pair could remain range-bound for a few more days. A break below the £8,217 support will signal advantage to the bears with the next target objective at £7,200.
Usually, the price action inside the range is volatile and difficult to predict. Hence, traders should wait for the price to drop to the support or break out of the range before establishing long positions.
BITCOIN PRICE GBP – HOW TO TRADE BTC/GBP 25TH AUGUST 2020
August 25th Content
Bitcoin dipped back below the £9,300 support on August 18, which shows a lack of buyers at higher levels.
The bulls have been attempting to defend the 20-day EMA for the past few days but the failure to achieve a strong rebound suggests that the buyers are not confident that the correction has ended. If the Bitcoin price GBP sustains below the 20-day EMA, a drop to £8,525 and then to £8,217 is possible. If the Bitcoin price GBP pair rebounds off this support, then a few days of range-bound action is possible.
A strong rebound off this support could offer an opportunity for the traders to initiate long positions with the stops placed just below the support.
However, traders should wait for the Bitcoin price GBP to rebound off the support before buying, rather than buying on the way down. As range trading can be volatile, we suggest traders buy only 50% of the desired position size.
The flat 20-day EMA and the RSI close to the midpoint suggests a few days of range-bound action.
Contrary to this assumption, if the bears sink the Bitcoin price GBP below £8,217, the trend will turn in favour of the bears and could result in a deeper decline to £7,200 levels.
On the upside, the Bitcoin price GBP will pick up momentum above the £9,300 to £9,571.93 resistance zone.
BITCOIN PRICE GBP – HOW TO TRADE BTC/GBP 17TH AUGUST 2020
HOW TO TRADE BTC/GBP AUGUST 17 2020
Bitcoin price remains in a strong uptrend. It broke above the overhead resistance of £9,300 on August 17, which completed the ascending triangle pattern. This bullish setup has a target objective of £10,423. Above this level, the rally can extend to £10,983.87, which is the intraday high made on June 26.
As the DeFi and yield farming craze continues to entertain the cryptocurrency industry, Chief revenue officer of CoinShares, Frank Spiteri, said that Bitcoin and other digital assets continue to “fascinate and intrigue” investors, as the global investment environment has changed and the need for alternative stores of value has risen.
However, the bears are unlikely to give up easily. They will try to stall the rally at £9,046.48 and again at £10,100 but both these Bitcoin price GBP levels are likely to be crossed.
The upsloping moving averages and the RSI close to the overbought zone suggest that the path of least resistance is to the upside.
Currently, the bears are attempting to pulldown the price back below the breakout level of £9,300. If they succeed, the Bitcoin price GBP pair could drop to the 20-day EMA.
This is an important level to watch out for because the bulls usually defend this support aggressively in an uptrend.
A strong bounce off this support will be a positive sign as the bulls will attempt to resume the uptrend by pushing the price above £9,571.93.
However, a break below the 20-day EMA will signal that the momentum has weakened, which could result in a drop to £8,217.
BITCOIN PRICE GBP – HOW TO TRADE BTC/GBP 7TH AUGUST 2020
Bitcoin Price GBP – How To Trade BTC/GBP August 07 2020
The Bitcoin broke out of a bullish inverse head and shoulders pattern on July 27. This setup has a target objective of 13,302. However, it is unlikely to be a straight dash to the target objective because, the bears will mount a stiff resistance at £9,000, £10,000, and again at £11,000 (marked via ellipses on the chart).
On August 2, the buyers pushed the price above £9,000 but could not sustain the higher levels. This led to profit booking by the short-term bulls, that dragged the price down to the neckline of the inverse H&S pattern.
Bitcoin Bulls Buying The Dip
However, the positive thing is that the bulls purchased this dip aggressively, which shows that the sentiment is to buy on weakness especially when looking at the Bitcoin price GBP. Currently, the bears are attempting to stall the recovery at £8,800 level, but if the bulls can scale this resistance, a retest of £9,300 is possible. A breakout of this resistance will signal resumption of the uptrend.
On the other hand, if the Bitcoin price GBP pair again turns down from the overhead resistance, then a few days of range-bound trading between £8,166-£9,300 is possible.
The 20-day EMA is sloping up and the RSI remains in the positive territory, suggesting an advantage to the bulls. Traders can look to buy the dips as long as the pair sustains above the 20-day EMA.
A Bitcoin price GBP break below the 20-day EMA will be the first sign of weakness. The bears are likely to gain an upper hand if the price dips and sustains below £8,166. Such a move will hurt sentiment and could result in a deeper correction.
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