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Bitcoin Price Back at Resistance – Fed Meeting Could Trigger Big Move

Bitcoin value is transferring larger above $116,200. BTC is now consolidating and would possibly achieve bullish momentum if it clears the $116,850 resistance zone.

  • Bitcoin began a recent improve above the $116,000 zone.
  • The value is buying and selling beneath $116,000 and the 100 hourly Simple transferring common.
  • There was a break above a contracting triangle with resistance at $115,750 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair would possibly begin one other improve if it clears the $116,850 zone.

Bitcoin Price Hits Resistance

Bitcoin value began a recent upward wave above the $114,500 zone. BTC managed to climb above the $115,000 and $115,500 resistance ranges.

The bulls had been capable of push the value above $116,200 and $116,500. Besides, there was a break above a contracting triangle with resistance at $115,750 on the hourly chart of the BTC/USD pair. The value traded as high as $116,959 and is presently consolidating positive aspects. It is secure above the 23.6% Fib retracement stage of the current transfer from the $114,156 swing low to the $116,959 high.

Bitcoin is now buying and selling above $116,000 and the 100 hourly Simple transferring common. Immediate resistance on the upside is close to the $116,850 stage. The first key resistance is close to the $117,200 stage.

The subsequent resistance might be $117,500. A detailed above the $117,500 resistance would possibly ship the value additional larger. In the said case, the value might rise and take a look at the $118,400 resistance stage. Any extra positive aspects would possibly ship the value towards the $118,800 stage. The subsequent barrier for the bulls might be $119,250.

Another Decline In BTC?

If Bitcoin fails to rise above the $116,850 resistance zone, it might begin a recent decline. Immediate help is close to the $116,250 stage. The first main help is close to the $115,550 stage or the 50% Fib retracement stage of the current transfer from the $114,156 swing low to the $116,959 high.

The subsequent help is now close to the $115,200 zone. Any extra losses would possibly ship the value towards the $114,500 help within the close to time period. The major help sits at $112,500, beneath which BTC would possibly decline closely.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

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

Major Support Levels – $115,550, adopted by $115,200.

Major Resistance Levels – $116,850 and $117,200.

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