The digital currency Bitcoin is trading in an upward trend, reflecting the continuation of the purchasing power despite the resistance of the bears that are trying to push the price down. The market remains in anticipation of the US interest rate decision that will be issued later today, which may significantly affect the price movement. So far, Bitcoin is trading at $59,869, outperforming most of the moving averages, which enhances the continuation of the upward trend.
Technical Indicators Expectations
Moving Averages: The price of Bitcoin is trading above the moving averages, which is a positive indicator that reflects the continuation of the purchasing power. Maintaining this condition above the averages can support the continuation of the upward trend. However, the current performance should be monitored to monitor any changes that may occur as a result of the Federal Reserve decision.
MACD Indicator: The MACD indicator indicates the continuation of the upward trend, as the main line of the indicator appears above the signal line, which enhances the possibility of the continuation of the purchasing power. However, attention should be paid to any changes in momentum, especially in light of the impact of important economic events.
Trading strategies based on Buy/Sell levels
| BTCUSD | In case of buying | in case of selling |
| Entry point | 60195 | 59463 |
| Target Point 1 (TP1) | First resistance: 60879 | First support: 58543 |
| Target Point 2 (TP2) | Second resistance: 60100 | Second support: 58420 |
| Stop Loss (SL) | 59463 | 60195 |
Bitcoin is showing strength in the uptrend and continues to trade above the moving averages, which supports the continuation of the uptrend. However, with the Fed’s interest rate decision approaching, we may witness price fluctuations based on the outcome of the decision and market expectations. If the price continues to maintain its levels above the moving averages, we may see a consolidation in the uptrend towards higher resistance levels. However, the market should be closely monitored for price response to any changes in monetary policy.
