TA: Bitcoin Price Restarts Increase After Fed Rate Hike But Resistance Intact

TA: Bitcoin Price Restarts Increase After Fed Rate Hike But Resistance Intact

Bitcoin started a fresh increase above the $22,000 resistance zone against the US Dollar. BTC must clear $23,000 and $23,700 to continue higher.

  • Bitcoin started a fresh increase after the fed hiked interest rates by 75bps.
  • The price is now trading above the $22,500 level and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $21,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $23,000 barrier to continue higher in the near term.

Bitcoin Price Starts Fresh Increase

Bitcoin price stayed above the $21,000 support zone. It formed a base above the $21,000 level and started a fresh increase. The recent fed interest rate hike triggered a sharp upward move above the $22,000 resistance.

The price was able to clear the 50% Fib retracement level of the key drop from the $23,744 swing high to $20,750 low. Besides, there was a break above a major bearish trend line with resistance near $21,800 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above the $22,500 level and the 100 hourly simple moving average. It seems like the price is facing a strong resistance near the $23,000 zone.

Source: BTCUSD on TradingView.com

The 76.4% Fib retracement level of the key drop from the $23,744 swing high to $20,750 low is also acting as a resistance. The next key resistance is near the $23,750 zone. A close above the $23,750 resistance zone could set the pace for a strong increase. In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level.

More Losses in BTC?

If bitcoin fails to clear the $23,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $22,500 level.

The next major support now sits near the $22,150 and $22,000 levels. A close below the $22,000 support zone might restart downtrend. In the stated case, the price might revisit the $21,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $22,500, followed by $22,000.

Major Resistance Levels – $23,000, $23,550 and $23,750.

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: