BTC/GBP moved further south on Thursday following reports of China central bank launching spot checks on leading bitcoin exchanges in Beijing and Shanghai. It is currently trading at 630 levels (Coinbase).

Ichimoku analysis of daily chart:

Tenkan Sen: 790.06

Kijun Sen: 789.26

On the upside, immediate resistance is seen at 645.91 (90 EMA) and a consistent break above would send the pair soaring to 689.64 (55 EMA)/736 (38.2% retracement of 950 and 605.01).

Momentum studies remain bearish: RSI(14) is at 36; MACD line is below signal line. The pair temporarily broke below 100-DMA and hit a low of 605.01 levels. It has currently restored its strength to 630 levels, however, a consistent break below 617.43 (100-DMA) would target 600 levels (psychological)/546.15 (200-DMA).