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.

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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.

Bitcoin Price GBP_chart

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 – September 8th Updated Content

 

BITCOIN PRICE – September 8th Updated 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 – September 1st Updated Content

BITCOIN PRICE GBP – September 1st Updated 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.

Bitcoin Price GBP_C1

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.

August 25th Updated Content

August 25th Updated 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.

BTCGBP

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.

HOW TO TRADE BTC/GBP AUGUST 17 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.

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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 August 07 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).

Bitcoin Price GBP_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.

Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.

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