TA: Bitcoin Forms Bullish Pattern, Why BTC Could Accelerate Higher

Bitcoin remained well bid above the $29,350 support zone against the US Dollar. BTC started a fresh increase and cleared the $30,000 resistance zone. Bitcoin started a recovery wave from the $29,350 support zone. The price is now trading above the $30,000 level and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $29,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate higher if it clears the $31,180 resistance zone. Bitcoin Price Aims Higher Bitcoin price remained well bid near the key $29,350 support zone. A base was formed near $29,350 and the price started a fresh increase. There was a clear move above the $29,800 and $30,000 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $29,700 on the hourly chart of the BTC/USD pair. The pair climbed above the $30,000 level and the 100 hourly simple moving average. There was a spike above the 50% Fib retracement level of the key decline from the $32,400 swing high to $29,255 low. Bitcoin price is now consolidating near the $30,800 level. An immediate resistance on the upside is near the $31,180 level. It is near the 61.8% Fib retracement level of the key decline from the $32,400 swing high to $29,255 low. Source: BTCUSD on TradingView.com The next major resistance is near the $31,650 level. A clear move above the $31,650 resistance l...