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

May 30, 2022 04:00 am Cryptocurrency 211

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 ..

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