Bitcoin, Ethereum Technical Analysis: BTC Heads Towards $40,000 Following FOMC

Bitcoin moved person to $40,000 during Thursday’s session, arsenic traders continued to respond to yesterday’s Fed complaint hike. The FOMC opted to summation involvement rates by 0.5% during May’s meeting, which is the largest hike successful implicit 20 years.

Bitcoin

Bitcoin roseate for a 2nd consecutive league connected Thursday, arsenic bulls were buoyed by the Fed’s determination to summation involvement rates.

Following yesterday’s surge, BTC/USD climbed adjacent higher during today’s session, arsenic it moved person to the $40,000 level.

BTC deed an intraday precocious of $39,902.95 earlier today, which is the highest constituent prices person reached since past Thursday.

BTC/USD – Daily Chart

Today’s rally was halted by a cardinal absorption constituent of $39,800, which has historically been the main obstacle preventing prices entering $40,000.

Looking astatine the chart, this absorption coincided with different ceiling wrong the RSI indicator, arsenic terms spot was incapable to determination past 48.70.

As we identified yesterday, this level of absorption would beryllium an country of contention for some bulls and bears, and it seems that bears person truthful acold won this battle.

Ethereum

ETH was besides higher during today’s session, arsenic the uncertainty surrounding the Federal Open Market Committee (FOMC) gathering yet passed.

As this unreality passed, bulls seemed to beryllium tentatively returning to crypto markets, with ETH hitting a one-week precocious arsenic a result.

This precocious was the $2,956.69 constituent which ETH/USD deed earlier today, and comes pursuing a debased of $2,829.99 yesterday.

ETH/USD – Daily Chart

Thursday’s determination saw ethereum marginally walk its semipermanent absorption level of $2,950, climbing implicit 2% from yesterday’s debased successful the process.

Despite this upwards momentum, immoderate bulls person backed distant arsenic we deed resistance, with earlier gains easing, apt arsenic a effect of positions being closed.

Momentum nevertheless continues to beryllium bullish, arsenic the 14-day RSI is tracking astatine 48.50, which is supra its ain ceiling.

Once we participate the $3,000 level, volition we spot a sustained emergence successful prices? Leave your thoughts successful the comments below.

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