Monday, June 24, 2024

Bitcoin Worth Retreats After Fed Resolution However 100 SMA Is The Key

by Jeremy

Bitcoin worth climbed increased in direction of $18,400 earlier than there was a bearish response. BTC is now buying and selling close to a serious help at $17,550 and may bounce again.

  • Bitcoin broke the $18,000 resistance zone earlier than there was a draw back correction.
  • The worth is buying and selling above $17,500 and the 100 hourly easy shifting common.
  • There’s a key bullish development line forming with help close to $17,580 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might begin a contemporary improve except it trades beneath the 100 hourly SMA.

Bitcoin Worth Stays Supported

Bitcoin worth prolonged its improve above the $17,800 resistance zone. BTC even climbed above the $18,000 resistance zone and settled effectively above the 100 hourly easy shifting common.

The worth traded as excessive as $18,387 earlier than there was a bearish response. The Fed elevated rates of interest by 0.5%, sparking sharp strikes out there. BTC worth reacted the draw back and traded beneath the $18,000 help zone. There was a transparent transfer beneath the 23.6% Fib retracement stage of the upward transfer from the $16,880 low to $18,387 excessive.

Nonetheless, bitcoin worth is buying and selling above $17,500 and the 100 hourly easy shifting common. It’s holding the 50% Fib retracement stage of the upward transfer from the $16,880 low to $18,387 excessive.

There’s additionally a key bullish development line forming with help close to $17,580 on the hourly chart of the BTC/USD pair. On the upside, an instantaneous resistance is close to the $17,900 stage. The primary main resistance is close to the $18,000 zone, above which the value could maybe revisit the $18,400 zone.

Bitcoin Price

The subsequent main resistance is close to $18,500, above which the value may achieve tempo and rise in direction of the $19,200 zone within the close to time period.

Draw back Break in BTC?

If bitcoin fails to clear the $18,000 resistance, there might be extra downsides. A right away help on the draw back is close to the $17,580 stage and the development line help.

The subsequent main help is close to the $17,400 zone and the 100 hourly easy shifting common. A draw back break beneath the $17,400 help may name extra losses. Within the acknowledged case, the value might decline in direction of the $16,800 help within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Help Ranges – $17,580, adopted by $17,400.

Main Resistance Ranges – $17,900, $18,000 and $18,500.

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