{"id":11137,"date":"2022-11-03T02:55:21","date_gmt":"2022-11-03T06:55:21","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11137"},"modified":"2022-11-03T02:55:21","modified_gmt":"2022-11-03T06:55:21","slug":"bitcoin-price-eyes-fresh-upside-break-after-fed-interest-rate-hike","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/03\/bitcoin-price-eyes-fresh-upside-break-after-fed-interest-rate-hike\/","title":{"rendered":"Bitcoin Price Eyes Fresh Upside Break After Fed Interest Rate Hike"},"content":{"rendered":"

Bitcoin price dipped a few points against the US Dollar after the fed rate hike. BTC remained supported and might eye a fresh increase above the $20,500 resistance.<\/em><\/p>\n

Bitcoin corrected further lower and tested the $20,000 support zone.
\nThe price is trading below $20,500 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $20,520 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could a fresh increase if it clears the 100 hourly SMA and $20,500.<\/p>\n

Bitcoin Price Dips Further<\/h2>\n

Bitcoin price struggled to gain pace for a move above the $20,650 resistance<\/a>. BTC reacted to the downside and traded below the $20,400 level after the fed rate hike of 0.75 bps.<\/p>\n

The price declined below the $20,250 support level and traded close to the $20,000 level. A low was formed near $20,059 and the price is now correcting losses. There was a move above the $20,250 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $20,864 swing high to $20,059 low.<\/p>\n

Bitcoin price is now trading below $20,500 and the 100 hourly simple moving average<\/a>. There is also a major bearish trend line forming with resistance near $20,520 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, an immediate resistance is near the $20,370 level. The first major resistance sits near the $20,450 level. It is near the 50% Fib retracement level of the recent decline from the $20,864 swing high to $20,059 low. The main hurdle is near the trend line, $20,500, and the 100 hourly simple moving average.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A clear move above the $20,500 zone could send the price further higher. The next major resistance is still near $21,000, above which the price may perhaps start a steady increase.<\/p>\n

More Losses in BTC?<\/h2>\n

If bitcoin fails to clear above the $20,500 resistance zone, it could resume its decline. An immediate support on the downside is near the $20,200 zone.<\/p>\n

The next major support is near the $20,050 zone. The main support is now near $20,000, below which there is a risk of a sharp decline. In this case, the price may perhaps decline towards the $19,200 level.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n

Major Support Levels \u2013 $20,200, followed by $20,000.<\/p>\n

Major Resistance Levels \u2013 $20,370, $20,450 and $20,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price dipped a few points against the US Dollar after the fed rate hike. BTC remained supported and might eye a fresh increase above the $20,500 resistance.<\/em><\/p>\n

Bitcoin corrected further lower and tested the $20,000 support zone.
\nThe price is trading below $20,500 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $20,520 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could a fresh increase if it clears the 100 hourly SMA and $20,500.<\/p>\n

Bitcoin Price Dips Further<\/h2>\n

Bitcoin price struggled to gain pace for a move above the $20,650 resistance<\/a>. BTC reacted to the downside and traded below the $20,400 level after the fed rate hike of 0.75 bps.<\/p>\n

The price declined below the $20,250 support level and traded close to the $20,000 level. A low was formed near $20,059 and the price is now correcting losses. There was a move above the $20,250 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $20,864 swing high to $20,059 low.<\/p>\n

Bitcoin price is now trading below $20,500 and the 100 hourly simple moving average<\/a>. There is also a major bearish trend line forming with resistance near $20,520 on the hourly chart of the BTC\/USD pair.<\/p>\n

On the upside, an immediate resistance is near the $20,370 level. The first major resistance sits near the $20,450 level. It is near the 50% Fib retracement level of the recent decline from the $20,864 swing high to $20,059 low. The main hurdle is near the trend line, $20,500, and the 100 hourly simple moving average.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A clear move above the $20,500 zone could send the price further higher. The next major resistance is still near $21,000, above which the price may perhaps start a steady increase.<\/p>\n

More Losses in BTC?<\/h2>\n

If bitcoin fails to clear above the $20,500 resistance zone, it could resume its decline. An immediate support on the downside is near the $20,200 zone.<\/p>\n

The next major support is near the $20,050 zone. The main support is now near $20,000, below which there is a risk of a sharp decline. In this case, the price may perhaps decline towards the $19,200 level.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n

Major Support Levels \u2013 $20,200, followed by $20,000.<\/p>\n

Major Resistance Levels \u2013 $20,370, $20,450 and $20,500.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-11137","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=11137"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11137\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11137"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}