Prediction/Analysis

TA: Bitcoin Value Begins To Rise Once more After Fed Price Hike, However Resistance Is Intact

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Bitcoin began a recent rise above the $22,000 resistance zone in opposition to the US Greenback. BTC must clear $23,000 and $23,700 to proceed greater.

  • Bitcoin began a brand new rise after the Fed raised rates of interest by 75 foundation factors.
  • The worth is now buying and selling above the $22,500 degree and the 100 hourly easy shifting common.
  • There was a break above a serious bearish trendline with resistance close to $21,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair must clear the $23,000 barrier to proceed greater within the close to time period.

The worth of Bitcoin begins a brand new enhance

Bitcoin value remained above the $21,000 assist zone. It shaped a base above the $21,000 degree and began a recent enhance. The latest Fed rate of interest hike has triggered a powerful rally above the $22,000 resistance.

The worth was capable of clear the 50% Fib retracement degree of the important thing decline from the swing excessive of $23,744 to $20,750 low. Moreover, there was a break above a serious downtrend line with resistance close to $21,800 on the hourly chart of the BTC/USD pair.

Bitcoin value is now buying and selling above the $22,500 degree and the 100 hourly easy shifting common. It appears like the worth is dealing with sturdy resistance close to the $23,000 space.

Supply: BTCUSD on TradingView.com

The 76.4% Fib retracement degree of the important thing decline from the swing excessive of $23,744 to the low of $20,750 can be performing as resistance. The following key resistance is close to the $23,750 space. An in depth above the $23,750 resistance zone may set the tone for a powerful rally. Within the indicated case, the worth may probably rise in the direction of the $24,500 degree. The following main resistance is seen close to the $25,000 degree.

Extra losses in BTC?

If bitcoin fails to clear the $23,000 resistance zone, it may set off a downward correction. A right away assist on the draw back is close to the $22,500 degree.

The following main assist now lies close to the $22,150 and $22,000 ranges. An in depth under the $22,000 assist zone may restart the downtrend. If indicated, the worth may revisit the near-term assist at $21,000.

Technical indicators:

Hourly MACD – The MACD is now dropping momentum within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now within the overbought zone.

Fundamental assist ranges – $22,500, adopted by $22,000.

Fundamental resistance ranges – $23,000, $23,550 and $23,750.

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