Bitcoin (BTC/USD) poised to make a fresh bearish correction

Bitcoin (BTC/USD) poised to make a fresh bearish correction

The Bitcoin was favored by the bulls over the weekend, although the 8200 level has proved to be a strong contention barrier for buyers in the short term. This has allowed the cryptocurrency to consolidate below the 50-hour moving average, which could accommodate more falls in the coming days.

This movement would allow a correction of greater depth after the rebound experienced during the session of April 12. The fall could be extended to the 200-hour moving average, where buyers would be waiting to make another upturn. The Parabolic SAR is also favoring this bias.

The government of Malta is working to decide if the assets derived from the so-called initial coin offerings (ICO) can be considered as securities. On the other hand, the head of the Hong Kong's Securities and Futures Commission has adopted a "skeptical" tone regarding the development of ICOs in the Asian country.

What do we expect?

According to our forecasts in the short-term, the BTC/USD pair aims to make a correction in greater depth and it is likely that the 200-hour moving average will be reached very soon. There we expect demand to increase so that the upturn achieves a break from the highs of April 15th and so it will get in route to the resistance level of 8907.

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