Following the FOMC meeting, BTC did experience some upward movement, but it was not significant enough to be considered as a strong bullish pressure.
#bitcoin has formed a bullish engulfing pattern on the 4-hour time frame, suggesting a potential reversal in the price action. BTC is now moving towards the next resistance level of 29,300, indicating bullish momentum in the short term.
#Bitcoin has shown signs of recovery and is currently trading above the $29,000 mark. The cryptocurrency has been gradually rising, indicating that buyers may soon aim for a move toward the $30,000 resistance level.
Bitcoin has received strong support above the $28,000 support zone, initiating a promising recovery wave that has successfully broken through the $28,500 resistance level. Furthermore, following the Federal Reserve's decision to increase interest rates from 5% to 5.25%, BTC has even surpassed the $28,800 resistance level.
BTC/USD is currently trading inside a Bullish Pennant pattern on its hourly chart. BTC has experienced a break above a significant contracting triangle that had resistance near $28,700. The pair is currently trading above $28,900 and the 200 hourly Simple Moving Average, indicating a potential upward trend in the short term.
The current immediate resistance level for Bitcoin is around $29,300, with the next significant resistance zone being at $29,600. A decisive breakthrough above this level could lead to a potential move towards the $30,000 resistance zone, with further gains possibly opening the doors for a test of the $30,500 resistance level. In such a scenario, the price may even rise towards the $31,200 level. However, if BTC fails to clear the $29,200 resistance level, it could initiate a downside correction in the short term.
In the event that #BTC is unable to surpass the $29,300 resistance level, it may result in a downside correction. The immediate support level for BTC on the downside is around $28,800, with the next major support zone being at $28,600, which aligns with the 100 hourly Simple Moving Average. A breach below this support level could potentially push the price towards the $28,400 support zone. If further losses occur, the price may even test the $28,000 level in the near term.
KEY LEVELS :
RESISTANCE LEVEL : $29,500-$30,000
SUPPORT LEVEL : $28,800-$28,200
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
