BTC/GBP continued its northward movement on Tuesday, hitting a high of 888.76 levels so far in the day. It is currently trading at 882 levels at press time (Coinbase).

Ichimoku analysis of daily chart:

Tenkan Sen: 834.57

Kijun Sen: 795

Momentum studies remain bullish: RSI(14) is strong at 70, MACD line is above the signal line, and the pair is successfully holding above 21-DMA. The upswing in the bitcoin price particularly follows recent reports on a regulatory alliance between Chinese authorities and bitcoin exchange.

On the upside, immediate resistance is seen at 900 (psychological level) and a break above would see the pair testing 915 (trend line joining 748.55 and 835.12)/950 (January 05 high). Some caution is advised as stochs are in the overbought zone.

On the downside, the pair is likely to find support near 855.69 (5-DMA) and a break below would drag it to 823 (21-DMA)/790.21 (February 13 low).