Bitcoin is recovering above 29000, BTC is slowly moving higher, bulls can look towards 30000 resistance. Bitcoin is holding well above 28000 support area. BTC started a nice recovery wave above 28500 resistance. It broke through 29000 round mark after the Fed announced another rate hike of 5% to 5.25%.
A key contracting triangle has been broken on the BTC hourly chart with resistance near 28700. Bitcoin is currently consolidating with resistance near 29200 and second resistance near 29420 USD. A clear break above the 29420 resistance area could see a move towards 30000. If the price of Bitcoin fails to break above the 29200 resistance level, it could start a downward correction. Downward support is near 28800 and the next support is near 28650. A break below 28650 could see a move towards the 28400 support area.
Ethereum
Ethereum started a fresh up move above the 1880 resistance level, ETH could move towards 2000 soon. Ethereum took support at 1800 and started a nice uptrend and was able to clear the 1850 resistance level, it broke a key bearish trend line with resistance near 1860 on the hourly chart of ETH and is currently consolidating gains. Ether is well above the 23.6% Fib retracement level of the recent rise from the 1843 swing low to 1915 high, with resistance near 1915. The next resistance is near 1940. An upside breakout of 1940 could take Ether towards the 2000 resistance level. If Ether fails to clear the 1915 resistance level, it could start a downside correction with support near 1890 on the downside. The next major support is near 1880.
