Bitcoin price prediction for today: BTC/USD bearish ahead of G-20 meeting

Google and Facebook made clear during last week that they will limitate or eliminate advertising about ICOs, Cryptocurrencies and related stuff. They are justifying their actions on a decided fight against possible scams to their users.

In my opinion, I don't see as negative any action going in the direction of enforcing safety and guarantees in this sector. This is the only path for Cryptocurrencies to being widely accepted for every actor in the markets. It's true that regulation might damage some of the transgressions that Cryptocurrencies have brought initially, but this is the price to pay to get into the major global financial circuit.

This week the G-20 is set to meet and Cryptos will surely be in the agenda, although main actors might diminish the importance of the topic. Blockchain technology is here to stay and its applications, such as Cryptocurrencies, are setting the path of future developments, so it's reasonable to think that the main governments in the world will discuss the current Crypto situation and its future.

BTC/USD 1H chart

Bitcoin price is showing clear divergences in this one-hour timeframe and also in the 4-hour chart. This is completely normal, considering the important losses of last week. The strong recovery from the lows set during the weekend has helped BTC/USD recover its lost supports.

BTC/USD is trading now a tad below the 50-EMA, located at $8498.30, the first barrier to break if Bitcoin bulls want to follow their recovery way. If that is broken, next target will bet at $9460, right where the 100-SMA is waiting. The ultimate mid-term resistance, former support, would be at $9515.

If this price action bullish bounce fails, the main support to consider is between $8100 and $8000. If those levels surrender, then Bitcoin price would come back to $7500 before heading to recent lows at $7318.

MACD in the Bitcoin 1-hour chart is showing a clear divergence with the price action and the quick BTC/USD rebound has accelerated the indicator and brought it back to bullish territory. In the short-term, bullish chances look good. In the mid-term, bias is still bearish and falls might re-appear in any moment.

Directional Movement Index has confirmed the surge in Bitcoin price and is showing how buyers have taken control of the situation. Sellers have disappeared at these levels and are at multiple-session lows. ADX is still showing trend strength, which might bring some information in the short-term if it carries the trend strength or it loses some steam.