Set a buy-stop at 23,500 and a take-profit at 25,000.The BTC/USD pair pulled back slightly as bond yields and the US dollar index rose while American stocks pulled back. Bitcoin price retreated to a low of $22,843, which was lower than the weekend high of near $24,000.Like other financial assets, Bitcoin will react to the upcoming interest rate decision by the Federal Reserve. Economists expect that the Fed will continue its hiking cycle since inflation remains at an elevated level.
On the weekly chart, we see that the BTC/USD price has made a steady bullish comeback in the past few days. As it rose, the pair moved slightly above the important resistance point at $19,820 . Therefore, while the overall bearish trend is persisting, the pair will likely continue rising and retest the resistance at 25,145. A further upside above this price will see it rise to 28,895.The daily chart is a bit different from the weekly chart. For one, the pair has moved to the 23.6% Fibonacci Retracement level and is approaching the key resistance at 25,182 . The 25-day and 50-day moving averages have made a bullish crossover pattern while the MACD remains above the neutral point.
Also, it has formed an ascending wedge, which is also a dangerous pattern. Therefore, for the immediate near term, the pair will likely have a bearish breakout since the wedge pattern is nearing its confluence level. As such, it could pull back to the psychological level of 22,000.
Source: News Formal (newsformal.com)
If Bitcoin 23.2k resistance area is broken, we could see 24k before the close of the week, which would confirm our long term bullish view. hodl buybitcoin However I recommend you all follow x87_HL she’s a super underrated bitcoiner Great Tips & TA. I’ve been doing superb
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