TA: Bitcoin Attempts Fresh Increase, Why 100 SMA Is The Key

Bitcoin fund support near $29,350 and recovered higher against the US Dollar. BTC must clear the $31,000 resistance and the 100 hourly SMA to continue higher. Bitcoin started a recovery wave from the $29,350 zone. The price is now trading below the $31,000 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $31,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could resume its decline if there is no clear move above the $31,000 resistance. Bitcoin Price Reclaims $30K Bitcoin price extended its decline below the $30,000 support zone. However, downsides were limited below the $29,500 level. The price formed a base near $29,350 and started a recovery wave. There was a move above the $30,000 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent decline from the $32,400 swing high to $29,328 low. It even spiked above the $30,500 resistance zone, but the bears were active near the $31,000 level. Bitcoin price is now trading below the $31,000 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $31,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $32,400 swing high to $29,328 low. An immediate resistance on the upside is near the $30,800 level. The next major resistan...