Bitcoin Slips Below $17,500 – Hawkish FOMC and Fed Rate Hike in Play

Bitcoin failed to reach $18,000 and fell. BTC displays bearish signals and may begin a new slide in the next session. The BITCOIN price tried an upside break just above the $18,400 zone resistance zone. BTC failed to hold above the pivot level of $18,000 and responded negatively.

Before the price began to fall again, a peak was reached near $18,387. There was a noticeable decline between $18,200 and $18,000. The price fell below the main wave’s 50% Fib retracement level from $16,881 to $18,387.

Furthermore, on the hourly chart of the BTC/USD pair, there was a breach below a strong bullish trend line with support near $17,620. Bitcoin is trading under $17,500 and the 100 hourly simple moving average.

Bitcoin (BTC/USD) Technical Outlook

On the upside, the $17,500 level and the 100 hourly simple moving average act as immediate resistance. The first big barrier is located near the $17,650 level, after which the price may return to the $18,000 level. The next big obstacle is near $18,380, beyond which the price may accelerate and reach $19,000.

If bitcoin fails to break through the $17,650 barrier level, there could be further losses. On the downside, there is immediate support near $17,240. It is close to the 76.4% Fib retracement level of the main wave from $16,881 to $18,387.

The next big support level is about $17,000. A break below the $17,000 support level could result in more losses. In the scenario above, the price could fall towards the $16,500 support in the short term. Any further losses could lead to a greater drop below $16,000 in the coming days.

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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