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

2023-07-27 03:15:42

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.

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.

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