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Monday, August 8, 2022
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    HomeMarketBitcoin Price Restarts Increase After Fed Rate Hike But Resistance Intact

    Bitcoin Price Restarts Increase After Fed Rate Hike But Resistance Intact

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    Bitcoin began a contemporary improve above the $22,000 resistance zone in opposition to the US Greenback. BTC should clear $23,000 and $23,700 to proceed increased.

    • Bitcoin began a contemporary improve after the fed hiked rates of interest by 75bps.
    • The value is now buying and selling above the $22,500 stage and the 100 hourly easy transferring common.
    • There was a break above a significant bearish development line with resistance close to $21,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair should clear the $23,000 barrier to proceed increased within the close to time period.

    Bitcoin Value Begins Contemporary Improve

    Bitcoin value stayed above the $21,000 support zone. It fashioned a base above the $21,000 stage and began a contemporary improve. The latest fed rate of interest hike triggered a pointy upward transfer above the $22,000 resistance.

    The value was in a position to clear the 50% Fib retracement stage of the important thing drop from the $23,744 swing excessive to $20,750 low. Apart from, there was a break above a significant bearish development 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 stage and the 100 hourly simple moving average. It looks as if the value is going through a robust resistance close to the $23,000 zone.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The 76.4% Fib retracement stage of the important thing drop from the $23,744 swing excessive to $20,750 low can be appearing as a resistance. The following key resistance is close to the $23,750 zone. A detailed above the $23,750 resistance zone may set the tempo for a robust improve. Within the acknowledged case, the value could maybe rise in the direction of the $24,500 stage. The following main resistance sits close to the $25,000 stage.

    Extra Losses in BTC?

    If bitcoin fails to clear the $23,000 resistance zone, it may begin a draw back correction. A direct assist on the draw back is close to the $22,500 stage.

    The following main assist now sits close to the $22,150 and $22,000 ranges. A detailed under the $22,000 assist zone may restart downtrend. Within the acknowledged case, the value may revisit the $21,000 assist within the close to time period.

    Technical indicators:

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

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

    Main Help Ranges – $22,500, adopted by $22,000.

    Main Resistance Ranges – $23,000, $23,550 and $23,750.



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