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BTC/GBP traded rangebound on Friday and has failed to breach 7 EMA. It is trading at 517 levels currently (Coinbase).
Long-term trend: Bullish
Ichimoku analysis of daily chart:
Tenkan Sen: 519.26
Kijun Sen: 496.50
Trend reversal: 474.76 (90 EMA)
The pair’s upside continues to be limited by 520.19 levels (7 EMA). A break above this level will see the pair testing 532.69 (October 16 high) and then 549.28 (161.8% retracement of 532.69 and 505.84).
On the downside, support is seen at 505 (21-day MA) and any violation would drag the pair to 483.75 (61.8% retracement of 453.50 and 532.69)/475.36 (100-day MA).
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BTC/GBP upside capped by 7-EMA, further bullishness only above 532
Friday, October 21, 2016 12:12 PM UTC
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