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FxWirePro: BTC/GBP hovers around 90-EMA, caution advised as bitcoin scalability debate takes centre stage

BTC/GBP plunged to 761 levels on March 18 and has currently hovering around 90-EMA at 830 levels (Coinfloor).

Ichimoku analysis of daily chart:

Tenkan Sen: 899.50

Kijun Sen: 923

Overall trend appears bearish for the pair: RSI(14) is at 38, bias lower; and the MACD line is below the signal line. The stochs are now in the oversold zone.

On the upside, immediate resistance is seen at 831.63 (90-EMA) and a break above would see it testing 886 (5-DMA)/900.

On the flipside, the pair is likely to find support near 805.51 (100-DMA) and a break below would drag it to 761 (March 18 low)/716.37 (78.6% retracement of 616 and 1085).

Traders are advised to maintain caution as bitcoin scalability issue takes centre stage with a group of nearly 20 exchanges has released contingency plans in the event that the bitcoin network splits in two, creating two competing currencies.

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