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.
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