TA: Bitcoin Price Could Take Major Hit After Fed Rate Hike

TA: Bitcoin Price Could Take Major Hit After Fed Rate Hike


Bitcoin started another decline from the $19,500 resistance against the US Dollar. BTC is at risk of a sharp decline below the $18,500 and $18,000 levels.

Bitcoin started another decline after the fed increased rates to 3.25%. The price is trading below $19,200 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $19,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $18,200 level to avoid more losses in the near term. Bitcoin Price Restarts Decline

Bitcoin price attempted to gain strength above the $19,200 level. However, BTC failed to clear the $19,500 resistance zone and stayed in a bearish zone.

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