The BTC to GBP exchange rate is up by over 6% today and its intraday bullish run could be indicative of more upside potential. As of this writing, the cryptocurrency is trading at 5,635.27 up from where it opened today at 5,299.33.
On the 4-hour time frame, it can be seen that BTCGBP has broken resistance at the falling trend line (from connecting the highs of April 7, April 8, and April 12) as well as the 100 SMA. This indicates that there are buyers in the market.
A closer look at the 1-hour chart also affirms this assumption. BTC to GBP has recently been consolidating with a slightly-upward slope. Because this follows after a strong rally, a bullish pennant chart pattern has become apparent. A close above today’s high at 5,702.00 could trigger a stronger bullish rally. Near-term resistance is at 5,801.00 where BTCGBP topped on April 12. If it does not hold, the next ceiling could be at 6,077.70 where BTCGBP established highs on April 6.
On the other hand, a downside break of the pennant around 5,552.50 would invalidate the bullish continuation pattern. Instead it could signal a potential drop on BTCGBP to today’s Asian session lows around the 5,200.00 handle.