Bitcoin Price Regains Strength Post Fed Hike, $30K Could Be Next

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is recovering and trading above $29,000. BTC is slowly moving higher and the bulls might soon aim for a move toward the $30,000 resistance.

Bitcoin is attempting a recovery wave above the $28,800 resistance zone.
The price is trading above $28,800 and the 100 hourly Simple moving average.
There was a break above a key contracting triangle with resistance near $28,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise further and revisit the $30,000 resistance zone.

Bitcoin Price Recovers Losses

Bitcoin price remained well-bid above the $28,000 support zone. BTC started a decent recovery wave above the $28,500 resistance zone. It even broke the $28,800 resistance after the Fed announced another rate hike from 5% to 5.25%.

There was a break above a key contracting triangle with resistance near $28,700 on the hourly chart of the BTC/USD pair. The pair is now trading above $28,800 and the 100 hourly Simple moving average.

Bitcoin price is currently consolidating near the 61.8% Fib retracement level of the main decline from the $29,975 swing high to the $27,664 low. Immediate resistance is near the $29,200 level.

The next major resistance sits near the $29,420 zone. It is close to the 76.4% Fib retracement level of the main decline from the $29,975 swing high to the $27,664 low. A proper move above the $29,420 resistance zone might send the price toward the $30,000 resistance zone.

Source: BTCUSD on TradingView.com

Any more gains could open the doors for a test of the $30,500 resistance. In the stated case, the price may perhaps rise toward the $31,200 level.

Are Dips Supported in BTC?

If Bitcoin’s price fails to clear the $29,200 resistance, it could start a downside correction. Immediate support on the downside is near the $28,800 level and the triangle trend line.

The next major support is near the $28,650 zone or the 100 hourly Simple moving average, below which the price might drop toward the $28,400 support zone. Any more losses might take Bitcoin toward the $28,000 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $28,800, followed by $28,650.

Major Resistance Levels – $29,200, $29,420, and $30,000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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