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Crypto Technicals: BTC/GBP pivotal at 1H 200-SMA (6123), weakness likely on break below

Wed, 22 May 2019, 12:07 pm UTC

BTC/GBP chart - Trading View

Exchange - Coinbase

Support: 6123 (1H 200-SMA); Resistance: 7040 (Upper BB)

Technical Analysis: Bias Neutral

BTC/GBP trades in the red for the 3rd straight session, hovers around 5-DMA.

The pair trades with a bullish bias, no major signs of reversal noticed.

Bearish RSI divergence and Oscillators at overbought zone raise scope for pullback.

Strong support seen at 1H 200-SMA, break below will see some weakness.

Break below 6123 (1H 200-SMA) will see weakness till 61.8% Fib at 5716.

Bounce off 5-DMA support eyes Upper Bollinger band at 7040.

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