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

Jun 6, 2022 04:00 am Cryptocurrency 124

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 ..

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