BTCGBP or Bitcoin price UK pound is currently at 5509. Bitcoin price has been in a trading range for over 48 hours.
On the short term 1H time frame, the bitcoin price chart support level is at £5400 and the resistance line is at £5600. A break above £5600 could signal the start of a bullish momentum. This would be supported by the fact that the bitcoin price is currently trading above the 200MA. But cryptocurrency swing traders have to be aware of potential bull trap and must operate with caution. Therefore waiting for extra confirmation of the upward trend would be a wise move. For example, a cool headed trader could enter 1/2 a position at the£5600 break ( with stop loss at £5400 ) and wait for the bitcoin price to break above the £5700 to place the other half.
It will be very interesting to follow the UK Bitcoin price during the last week of 2019 .
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We do not provide financial advise, the content of How To Buy Bitcoin website is for informational purpose only. We simply share our opinions on the cryptocurrency market and on the BTCGBP chart.