Bitcoin (BTC/USD) strongly supported at the 9400 area

Bitcoin (BTC/USD) strongly supported at the 9400 area

The Bitcoin maintains its bullish tone intact from the day of February 26 after having found strong support at the Fibonacci level of 38.2%. The current price remains above the moving averages of 200 and 50 hours in the H1 chart, which helps to support the price action of the aforementioned cryptocurrency.

According to the latest news about the ICOs, the financial regulatory entity of Japan could be considering the creation of a regulatory framework that allows monitoring the companies that are raising funds through the initial coin offerings.

The Parabolic SAR is providing support to the BTC/USD pair, which helps the bullish tone to remain dominant, in addition to the RSI moving in positive territory after having left the overbought area in which it was inserted during the 27th of February's session.

What do we expect?

According to our forecasts in the H1 chart, Bitcoin aims to continue with the upward path in the short term, considering that the level of 9407 remains intact. The 200-hour moving average is waiting for a bullish cross to occur in order to allow more profits. The target remains fixed at the Fibonacci level of -23.6% at 12985, while on the bearish path we can find a demand zone at the Fibonacci level of 50% at 8724.

BTCUSDH1.png

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