BTC/GBP dropped to 1657 levels on Thursday, as its upside is capped by 5-DMA. It is currently trading at 1968 levels at the time of writing (Coinfloor).

Ichimoku analysis of daily chart:

Tenkan Sen: 1986

Kijun Sen: 1895

On the upside, the pair faces immediate resistance at 2006 levels (20-DMA) and a consistent break would see a trend reversal, targeting 2099 (10-DMA)/2174 (78.6% retracement of 2315 and 1657 levels)/2277 (June 06 high).

On the flipside, support is seen at 1859 (1h 20-SMA) and any violation would see a dip till 1795 (61.8% retracement of 1475 and 2315)/1657 (June 15 low)/1630 (50-DMA).

Momentum studies: On the daily chart, RSI is at 52; stochs suggest lower bias, and MACD line is below the signal line. Also, 5- and 20-DMA are on the verge of a bearish crossover.

On the 2-hour chart, the death cross suggests a further possibility for a downside. The pair will run into resistance at 2031 (2h 50-SMA).

On the weekly chart, the pair is holding just above 5-SMA and RSI is at 73. A rollover of RSI from the overbought zone is likely to see further downside.

Call Update: The pair almost hit our targets given in the previous call.

Recommendation: Watch out for a break below 50-DMA for a further downtrend in the pair.