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Bitcoin Clears $30K, Why This Could Mean Trend Change

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.
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: BTCUSD on TradingView.com
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.
Fresh Decline in BTC?
If bitcoin fails to clear the $30,600 resistance zone, it could start a downside correction. An immediate support on the downside is near the $30,000 level.
The first major support is near the $29,600 level. The main support is now forming near the $29,300 level and the 100 hourly simple moving average. A downside break below the $29,200 support might send the price further lower. In the stated case, the price may perhaps revisit the $28,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.
Major Support Levels – $29,500, followed by $28,500.
Major Resistance Levels – $30,250, $30,600 and $32,500.

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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