{"id":14085,"date":"2022-12-15T02:57:26","date_gmt":"2022-12-15T06:57:26","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14085"},"modified":"2022-12-15T02:57:26","modified_gmt":"2022-12-15T06:57:26","slug":"bitcoin-price-retreats-after-fed-decision-but-100-sma-is-the-key","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/15\/bitcoin-price-retreats-after-fed-decision-but-100-sma-is-the-key\/","title":{"rendered":"Bitcoin Price Retreats After Fed Decision But 100 SMA Is The Key"},"content":{"rendered":"

Bitcoin price climbed higher towards $18,400 before there was a bearish reaction. BTC is now trading near a major support at $17,550 and might bounce back.<\/em><\/p>\n

Bitcoin broke the $18,000 resistance zone before there was a downside correction.
\nThe price is trading above $17,500 and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $17,580 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase unless it trades below the 100 hourly SMA.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price extended its increase<\/a> above the $17,800 resistance zone. BTC even climbed above the $18,000 resistance zone and settled well above the 100 hourly simple moving average.<\/p>\n

The price traded as high as $18,387 before there was a bearish reaction. The Fed increased interest rates by 0.5%, sparking sharp moves in the market. BTC price reacted the downside and traded below the $18,000 support zone. There was a clear move below the 23.6% Fib retracement level of the upward move from the $16,880 low to $18,387 high.<\/p>\n

However, bitcoin price is trading above $17,500 and the 100 hourly simple moving average<\/a>. It is holding the 50% Fib retracement level of the upward move from the $16,880 low to $18,387 high.<\/p>\n

There is also a key bullish trend line forming with support near $17,580 on the hourly chart of the BTC\/USD pair. On the upside, an immediate resistance is near the $17,900 level. The first major resistance is near the $18,000 zone, above which the price may perhaps revisit the $18,400 zone.<\/p>\n

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

The next major resistance is near $18,500, above which the price might gain pace and rise towards the $19,200 zone in the near term.<\/p>\n

Downside Break in BTC?<\/h2>\n

If bitcoin fails to clear the $18,000 resistance, there could be more downsides. An immediate support on the downside is near the $17,580 level and the trend line support.<\/p>\n

The next major support is near the $17,400 zone and the 100 hourly simple moving average. A downside break below the $17,400 support might call more losses. In the stated case, the price could decline towards the $16,800 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $17,580, followed by $17,400.<\/p>\n

Major Resistance Levels \u2013 $17,900, $18,000 and $18,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price climbed higher towards $18,400 before there was a bearish reaction. BTC is now trading near a major support at $17,550 and might bounce back.<\/em><\/p>\n

Bitcoin broke the $18,000 resistance zone before there was a downside correction.
\nThe price is trading above $17,500 and the 100 hourly simple moving average.
\nThere is a key bullish trend line forming with support near $17,580 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase unless it trades below the 100 hourly SMA.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price extended its increase<\/a> above the $17,800 resistance zone. BTC even climbed above the $18,000 resistance zone and settled well above the 100 hourly simple moving average.<\/p>\n

The price traded as high as $18,387 before there was a bearish reaction. The Fed increased interest rates by 0.5%, sparking sharp moves in the market. BTC price reacted the downside and traded below the $18,000 support zone. There was a clear move below the 23.6% Fib retracement level of the upward move from the $16,880 low to $18,387 high.<\/p>\n

However, bitcoin price is trading above $17,500 and the 100 hourly simple moving average<\/a>. It is holding the 50% Fib retracement level of the upward move from the $16,880 low to $18,387 high.<\/p>\n

There is also a key bullish trend line forming with support near $17,580 on the hourly chart of the BTC\/USD pair. On the upside, an immediate resistance is near the $17,900 level. The first major resistance is near the $18,000 zone, above which the price may perhaps revisit the $18,400 zone.<\/p>\n

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

The next major resistance is near $18,500, above which the price might gain pace and rise towards the $19,200 zone in the near term.<\/p>\n

Downside Break in BTC?<\/h2>\n

If bitcoin fails to clear the $18,000 resistance, there could be more downsides. An immediate support on the downside is near the $17,580 level and the trend line support.<\/p>\n

The next major support is near the $17,400 zone and the 100 hourly simple moving average. A downside break below the $17,400 support might call more losses. In the stated case, the price could decline towards the $16,800 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $17,580, followed by $17,400.<\/p>\n

Major Resistance Levels \u2013 $17,900, $18,000 and $18,500.<\/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-14085","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\/14085","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=14085"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14085\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14085"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}