BTC/GBP briefly broke above 21-day MA on Tuesday and hit 589.79 levels. However, it failed to hold its strength and is currently trading at 574 levels (Coinbase).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 574.24

Kijun Sen: 559.74

Trend reversal: 514.76 (90 EMA)

The pair’s upside is being capped by 589.71 levels (78.6% retracement of 601.29 and 547.20) and a break above would find the next resistance at 601.29 levels (November 09 high)/611.12 (November 03 high).

On the downside, support is likely to be found at 547.20 (November 13) and a break below would drag the pair to 535.30 (November 03 low)/ 514.76 (90 EMA).