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FxWirePro: BTC/GBP hovers around 50-DMA, close below targets 830

BTC/GBP moved further south on Friday and has broken below the 900 mark. It is currently trading at 897 levels at the time of writing (Coinfloor).

Ichimoku analysis of daily chart:

Tenkan Sen: 947.50

Kijun Sen: 947.50

Momentum studies have turned bearish: RSI (14) is at 42, bias lower and the MACD line is below the signal line.

On the upside, resistance is seen at 936 (January 04 high) and a break above would see it testing 991 (20-DMA)/1038 (March 14 high).

On the flipside, the pair is currently hovering near 888 levels (50-DMA) and a close below would drag it to 832.61 (90-EMA)/795.16 (61.8% retracement of 616 and 1085).

CoinDesk reported that the recent plunge comes as bitcoin continues to face technical challenges – the ongoing scaling debate has not been able to develop a consensus so far. Also, the call for a hard fork has been increasing.

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