BTC/GBP failed to break above 2200 levels on Wednesday and closed in the red. It is currently trading at 2112 levels at the time of writing (Coinfloor).

Ichimoku analysis of daily chart:

Tenkan Sen: 1925

Kijun Sen: 1974.50

On the upside, a close above 2083 (20-DMA) would see further bullishness in the pair, targeting 2174 (78.6% retracement of 2315 and 1657)/2200. Further strength would see it testing 2277 (June 06 high)/ 2315 (June 12 high).

On the flipside, support is seen at 2031 (10-DMA) and a break below would target 1970 (38.2% retracement of 1475 and 2277). Further weakness would drag it to 1876/ 1747 (50-DMA)/ 1657 (June 15 low).

Momentum studies: On the daily chart, RSI is strong at 56 and stochs are biased higher. The MACD line is below the signal line, however, the downward momentum appears to be fading.

Bias appears to be slightly bullish on the hourly charts.

Recommendation: Good to go long on close above 20-DMA. SL: 2034. TP: 2174/2200. Consistent break above 2200 to see further upside.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest