Bitcoin Price Restarts Increase After Fed Rate Hike But Resistance Intact

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

• Bitcoin began a contemporary enhance after the fed hiked rates of interest by 75bps.
• The worth is now buying and selling above the $22,500 degree and the 100 hourly easy transferring common.
• There was a break above a serious 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 Worth Begins Recent Enhance

Bitcoin worth stayed above the $21,000 assist zone. It fashioned a base above the $21,000 degree and began a contemporary enhance. The current fed rate of interest hike triggered a pointy upward transfer above the $22,000 resistance.

The worth was in a position to clear the 50% Fib retracement degree of the important thing drop from the $23,744 swing excessive to $20,750 low. In addition to, there was a break above a serious bearish development line with resistance close to $21,800 on the hourly chart of the BTC/USD pair.

Bitcoin worth is now buying and selling above the $22,500 degree and the 100 hourly easy transferring common. It looks like the value is going through a robust resistance close to the $23,000 zone.

Supply: BTCUSD on TradingView.com

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

Extra Losses in BTC?

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

The subsequent main assist now sits close to the $22,150 and $22,000 ranges. An in depth beneath the $22,000 assist zone may restart downtrend. Within the said case, the value may revisit the $21,000 assist within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding 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.