Bitcoin started a fresh increase and surpassed $30,000 against the US Dollar. BTC is showing positive signs and might rally further if it clears $30,600.
- Bitcoin is gaining pace above the $29,500 and $30,000 resistance levels.
- The price is now trading above the $29,500 level and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $29,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if it clears the $30,600 resistance zone.
Bitcoin Price Gains Pace
Bitcoin price formed a fresh base above the key $28,500 support zone. It remained well bid and started a fresh increase above the $29,200 resistance zone.
The price cleared the 50% Fib retracement level of the downward move from the $30,188 swing high to $27,505 low. Besides, there was a break above a major bearish trend line with resistance near $29,200 on the hourly chart of the BTC/USD pair. Download Bitcoin Miner . Safe install and earn ETH/BTC.The pair is now trading above the $29,500 level and the 100 hourly simple moving average. Bitcoin is also trading above the 76.4% Fib retracement level of the downward move from the $30,188 swing high to $27,505 low.
Source:An immediate resistance on the upside is near the $30,250 level. The next major resistance is near the $30,600 level. A clear move above the $30,600 resistance level might call for a trend change. In the stated case, the price could even clear the $31,200 resistance. The next major resistance sits near the $32,500 level.