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

Jul 27, 2022

Metablox NFT save memories to the blockchain

OWN PLACES • SAVE MEMORIES

Everyday we create memories that are attached to places, but how will future generations know what happened to us? 

Metablox is saving our most important memories on the blockchain, and you can own the real world places the memories happened.

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

Originally posted here.
By: Aayush Jindal

Overview

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.

The Post

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.

SHARE THIS POST