Bitcoin (BTC/USD) on its way to reach the 200-hr SMA

Bitcoin (BTC/USD) on its way to reach the 200-hr SMA

It seems that Bitcoin has entered a corrective stage after having encountered resistance at the level of 8275. This is allowing an approximation to the 200-hour moving average, which could provide dynamic support for the cryptocurrency, due to the proximity has with the Fibonacci level of 38.2% in 7578.

The current price action suggests that there could be additional pressure in the coming days, although for the time being, we note that the Parabolic SAR is providing temporary support to the BTC/USD pair. The RSI indicator is also showing signs that we could have found a temporary bottom in the short term.

What do we expect?

According to our forecasts in the H1 chart, Bitcoin aims to extend the corrective movement and the spotlights are set at the 200-hour moving average. If we get to see a rebound in that area, the rally could point towards the Fibonacci level of -23.6% at 8706, followed by the 8907 level. However, if we see a break of the Fibonacci level of 61.8% at 7148, the next obstacle to face would be in the lows of April 9.

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