Bitcoin – Hourly Chart (H1)
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Investing.com – Last night’s Fed meeting didn’t bring any major surprises as the U.S. central bank raised its key rate by 0.25%, as widely expected, which didn’t stop the market from reacting positively .
The short-term charts indeed show that BTC/USD recorded a gain of just over $1000 following the Fed’s announcements, and retains most of these gains at the time of writing this article.
However, it should be noted as an alert that the rise of Bitcoin was stopped by the resistance located around $41,500, and visible in particular on the hourly chart of BTC/USD. Thus, Bitcoin’s recent gains have done little to change the uncertain chart backdrop that has prevailed over the cryptocurrency in recent weeks.
This is even more evident on the daily chart, on which we can see that if the resistance of $ 41,500 mentioned above is crossed, Bitcoin will quickly face an even greater obstacle, the 100-day moving average. currently located at $ 42,600, and which had stopped the previous significant rally of the cryptocurrency on March 2.
And even a return above this 100-day MA would not significantly improve Bitcoin’s daily chart profile. It is indeed the resistance zone of $45,500 that will have to be crossed for the bottom profile of BTC to become more bullish, if we stick to the study of chart D1.
In this case, the next bullish targets to target will be the 200-day moving average at $48,580, then the major psychological threshold of $50,000. On the downside, $40,000 and $38,000 are the first two important supports to consider.
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