Bitcoin (BTC/USD) looking to break above the 200-hr SMA

Bitcoin (BTC/USD) looking to break above the 200-hr SMA

Bitcoin has managed to recover from the support level of 6281 and we are currently seeing a break of a bearish channel on the H1 chart. The price is hovering around the 200-hour moving average, where cryptocurrency could find dynamic resistance to resume the bearish bias at any time.

The Liechtenstein government has announced that it will avoid "excessive" regulation of the Blockchain technology but has highlighted the idea of ​establishing a regulatory framework. In addition, it has been announced that several Australian Bitcoin exchanges will begin to implement rules that prevent money laundering through these platforms.

The Parabolic SAR is providing support for the current price action, which suggests that we could see an upward extension towards the resistance zone in 7586. The MACD indicator remains in positive territory and is not showing significant divergences that could indicate a sharp change in the trend in the short term.

What do we expect?

According to our forecasts in the H1 chart, the BTC/USD pair is consolidating gains in the area of the 200-hour moving average, which is shown as a key resistance, followed by the 7586 level. break above that area, the crypto currency could gain momentum to go to the next target at 8906. A pullback at current levels could lead the BTC to touch the support level of 6281.

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