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Friday, January 27, 2023
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    HomeMarketBitcoin Price Retreats After Fed Decision But 100 SMA Is The Key

    Bitcoin Price Retreats After Fed Decision But 100 SMA Is The Key

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    Bitcoin value climbed larger in the direction of $18,400 earlier than there was a bearish response. BTC is now buying and selling close to a significant assist 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 transferring common.
    • There’s a key bullish pattern line forming with assist close to $17,580 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may begin a recent enhance except it trades beneath the 100 hourly SMA.

    Bitcoin Worth Stays Supported

    Bitcoin price extended its increase above the $17,800 resistance zone. BTC even climbed above the $18,000 resistance zone and settled effectively above the 100 hourly easy transferring 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 available in the market. BTC value reacted the draw back and traded beneath the $18,000 assist zone. There was a transparent transfer beneath the 23.6% Fib retracement degree of the upward transfer from the $16,880 low to $18,387 excessive.

    Nevertheless, bitcoin value is buying and selling above $17,500 and the 100 hourly simple moving average. It’s holding the 50% Fib retracement degree of the upward transfer from the $16,880 low to $18,387 excessive.

    There may be additionally a key bullish pattern line forming with assist close to $17,580 on the hourly chart of the BTC/USD pair. On the upside, a right away resistance is close to the $17,900 degree. 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 following main resistance is close to $18,500, above which the value may achieve tempo and rise in the 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 could possibly be extra downsides. An instantaneous assist on the draw back is close to the $17,580 degree and the pattern line assist.

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

    Technical indicators:

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

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

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

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



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