BTC/GBP continues trading in a choppy range on Monday as it continues in a symmetric triangle pattern. It is currently trading at 1923 levels at the time of writing (Coinfloor).

Ichimoku analysis of daily chart:

Tenkan Sen: 1938

Kijun Sen: 1986

On the upside, the pair faces immediate resistance at 1945 (10-DMA) and a break above would see it testing 1989 (20-DMA)/2030 (trend line joining 2315 and 2193). Further strength would target 2063 (61.8% retracement of 2315 and 1657)/2118 (May 25 high)/2193 (June 21 high).

On the flipside, a break below 1910 (5-DMA) would drag the pair to 1893 (50-DMA)/1861 (61.8% retracement of 1657 and 2193). Further weakness would see it testing 1833 (trend line joining 1475 and 1657)/1777 (June 27 low).

Momentum studies: Overall bias appears weak on the daily chart, with RSI weak at 47 and MACD line below the signal line.

Call Update: We had advised going short in our previous call. The pair surpassed both targets and hit 1830 levels.

Recommendation: Wait for a clear directional bias.

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