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Bitcoin

Bitcoin Price Struggles Post Expected Fed Result, More Losses Ahead?

Aayush Jindal by Aayush Jindal
4 months ago
in BTC
Reading Time: 2 mins read

Bitcoin price is struggling to recover above the $29,000 resistance level. BTC must settle above $29,000 and then $29,600 to move into a positive zone.

  • Bitcoin is attempting a recovery wave above the $28,850 level.
  • The price is trading below $29,200 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support near $29,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could face a strong resistance near the $29,600 resistance.

Bitcoin Price Still In The Negative Zone

Bitcoin price started a short-term recovery wave above the $29,000 resistance zone. BTC was able to climb above the $29,200 resistance zone after the Fed interest rate decision.

There was a move above the 23.6% Fib retracement level of the key drop from the $30,335 swing high to the $28,880 low. However, the bears were active near the $29,600 resistance zone and there was no close above the 100 hourly Simple moving average.

Bitcoin is now trading below $29,200 and the 100 hourly Simple moving average. Besides, there is a key bullish trend line forming with support near $29,250 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $29,450 level and the 100 hourly Simple moving average. The first major resistance is near the $29,600 level. It is near the 50% Fib retracement level of the key drop from the $30,335 swing high to the $28,880 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance is near the $29,800 level, above which the price might start a decent increase toward the $30,000 resistance zone. The next major resistance is near the $30,350 level, above which the price could gain bullish momentum.

Fresh Decline in BTC?

If Bitcoin fails to clear the $29,600 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,200 level and the trend line.

The next major support is near the $29,000 level, below which the price could drop toward $28,880. The next support is near the $28,500 level. Any more losses might call for a move toward the $28,200 level in the near term.

Technical indicators:

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

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

Major Support Levels – $29,200, followed by $29,000.

Major Resistance Levels – $29,400, $29,600, and $30,000.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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