There is no denial that Bitcoin observed a completely fresh increase from support level of $28,500 against US Dollar. However, BTC should be clear with $30,600 for moving further in the positive zone.
Here, Bitcoin create the base that is above $28,500 and also start some new increase. This price is trading now above the level of $30,000 and the moving average of 100 hours. Also, there is even some key bearish trend line that is form with the level of resistance that is close to $30,400 on hourly chart for BTC and the USD pair.
Bullish Momentum of Bitcoin!
This pair can pair and can also gain some of the bullish momentum when there is absolute clear move for more than $30,600.
Resistance in the BTC Price
Moreover, there was the absolute clear move which is above the resistance zone of $29,500. Also, 100 hourly of the moving average. Here, bulls also push the price more than the resistance level of $30,000. On the other hand, they are facing the uphill task which is close to $30,600 zone.
Moreover, there is even the major line of bearish trend that forms the resistance close of $30,400 on hourly chart. The all-time new was high and form close to $30,721 and price is also having the consolidating gains.
Here, price is trading the level more than 23.6% as per the Fib retracement level for upward move from $28,590. With the instant resistance that is close to $30,400 level. Also, next major level of resistance is close to level of $30,600.
In case bitcoin fails for gaining the pace more than $30,600 resistance zone, it may also begin a completely fresh decline.