Bitcoin Price Technical Analysis for 18/9/2015 – The Fed Rebound

Just as we discussed in the previous Bitcoin price technical analysis that the US Federal Reserve raising the interest rates will put pressure on the BTC-USD pair, the inaction on part of the central bank has buoyed the pair. BTC/USD is currently trading up roughly 2 percent at $232.72.

The US Fed has decided to hold rates steady citing global economy worries. Fed Chair Janet Yellen said developments in a tightly linked global economy had in effect forced the U.S. central bank’s hand.

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The Fed Rebound – the rebound in Bitcoin price due to Fed – doesn’t change the technical picture much but has briefly warded off the risk of an immediate breakdown.

Bitcoin Chart Structure – The cryptocurrency has been taking support from $220-225, which is its strong support zone, however, the upside is capped by a couple of resistances. The 30-day simple moving average of $231.4197 and the 12-day simple moving average of $234.9008 are limiting the rise in value of Bitcoin.

Moving Average Convergence Divergence – The MACD remains beneath the Signal Line, thereby keeping the

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