{"id":416834,"date":"2020-03-04T05:28:31","date_gmt":"2020-03-04T05:28:31","guid":{"rendered":"https:\/\/ktsl888.com\/?p=416834"},"modified":"2024-06-11T13:42:51","modified_gmt":"2024-06-11T13:42:51","slug":"fed-cut-triggered-bullish-bitcoin-reversal","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/fed-cut-triggered-bullish-bitcoin-reversal\/","title":{"rendered":"How The Fed Cut Triggered A Bullish Bitcoin Reversal Overnight"},"content":{"rendered":"<p><em>Bitcoin is trading in a positive zone against the US Dollar, especially after the fed interest rate cut . BTC price is likely to continue higher above the $8,900 and $9,000 resistance levels in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin is likely to gain traction after the recent breakout attempt against the US Dollar.<\/li>\n<li>The price is trading nicely above the $8,680 and $8,700 support levels.<\/li>\n<li>There is a key bullish breakout pattern forming with resistance near $8,840 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to surge higher once it clears the $8,840 and $8,900 resistance levels.<\/li>\n<\/ul>\n<h2>Bitcoin Likely To Surge Higher<\/h2>\n<p>In the past few sessions, bitcoin <a href=\"https:\/\/ktsl888.com\/2020\/03\/03\/buy-signal-bitcoin-rebound-to-9k\/\" target=\"_blank\" rel=\"noopener noreferrer \">remained well bid<\/a> above the $8,600 and levels against the US Dollar. BTC price traded as high as $8,967 before correcting lower below the $8,800 area.<\/p>\n<p>There was a break below the 23.6% Fib retracement level of the upward move from the $8,398 swing low to $8,967 high. However, the bulls defended the key $8,680 support level and the <a href=\"https:\/\/ktsl888.com\/2020\/03\/02\/bitcoin-showing-early-signs-of-fresh-increase\/\" target=\"_blank\" rel=\"noopener noreferrer \">100 hourly simple moving average<\/a>.<\/p>\n<p>Besides, the 50% Fib retracement level of the upward move from the $8,398 swing low to $8,967 high is acting as a strong support. Bitcoin is now trading with a bullish angle above the $8,750 level and the Fib retracement level of the upward move from the $8,398 swing low to $8,967 high.<\/p>\n<figure id=\"attachment_416835\" aria-describedby=\"caption-attachment-416835\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/03\/Bitcoin-3.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-416835\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/03\/Bitcoin-3.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/03\/Bitcoin-3.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/03\/Bitcoin-3.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/03\/Bitcoin-3.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/03\/Bitcoin-3.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/03\/Bitcoin-3.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/03\/Bitcoin-3.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/03\/Bitcoin-3.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-416835\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>There is also a key bullish breakout pattern forming with resistance near $8,840 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a> of the BTC\/USD pair. If there is an upside break above the triangle resistance, the price could make another attempt to gain bullish momentum above $8,900.<\/p>\n<p>A successful close above the $8,900 and $9,000 levels is likely to set the pace for a larger upward move especially after the recent emergency rate cut by the fed. The next stop for the bulls may perhaps be $9,200 or $9,320.<\/p>\n<h2>100 SMA as a Key Support<\/h2>\n<p>On the downside, there are a few key supports near the $8,760 level and the triangle. The next major support for bitcoin is near the $8,700 level and the 100 hourly simple moving average.<\/p>\n<p>If the price fails to stay above the $8,700 support and the 100 hourly simple moving average, there is a risk of another slide towards the $8,400 support area in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $8,760 followed by $8,700.<\/p>\n<p>Major Resistance Levels \u2013 $8,840, $8,900 and $9,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is trading in a positive zone against the US Dollar, especially after the fed interest rate cut . BTC price is likely to continue higher above the $8,900 and $9,000 resistance levels in the near term. Bitcoin is likely to gain traction after the recent breakout attempt against the US Dollar. The price is trading nicely above the $8,680 and $8,700 support levels. There is a key bullish breakout pattern forming with resistance near $8,840 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to surge higher once it clears the $8,840 and $8,900 resistance levels. Bitcoin Likely To Surge Higher In the past few sessions, bitcoin remained well bid above the $8,600 and levels against the US Dollar. BTC price traded as high as $8,967 before correcting lower below the $8,800 area. There was a break below the 23.6% Fib retracement level of the upward move from the $8,398 swing low to $8,967 high. However, the bulls defended the key $8,680 support level and the 100 hourly simple moving average. Besides, the 50% Fib retracement level of the upward move from the $8,398 swing low to $8,967 high is acting as a strong support. Bitcoin is now trading with a bullish angle above the $8,750 level and the Fib retracement level of the upward move from the $8,398 swing low to $8,967 high. There is also a key bullish breakout pattern forming with resistance near $8,840 on the hourly chart of the BTC\/USD pair. If there is an upside break above the triangle resistance, the price could make another attempt to gain bullish momentum above $8,900. A successful close above the $8,900 and $9,000 levels is likely to set the pace for a larger upward move especially after the recent emergency rate cut by the fed. The next stop for the bulls may perhaps be $9,200 or $9,320. 100 SMA as a Key Support On the downside, there are a few key supports near the $8,760 level and the triangle. The next major support for bitcoin is near the $8,700 level and the 100 hourly simple moving average. If the price fails to stay above the $8,700 support and the 100 hourly simple moving average, there is a risk of another slide towards the $8,400 support area in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 50 level. Major Support Levels \u2013 $8,760 followed by $8,700. Major Resistance Levels \u2013 $8,840, $8,900 and $9,000.<\/p>\n","protected":false},"author":67,"featured_media":416836,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119],"class_list":["post-416834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>How The Fed Cut Triggered A Bullish Bitcoin Reversal Overnight<\/title>\n<meta name=\"description\" content=\"Bitcoin is trading in a positive zone especially after the fed interest rate cut. 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