TA: Bitcoin Eyes Fresh Increase But This Level Is The Key

Bitcoin is stable above the $29,600 support against the US Dollar. BTC must clear the $31,350 resistance to start a decent increase. Bitcoin is struggling to gain momentum above $30,500 and $30,600. The price is now trading near the $30,000 level and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $29,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if there is a close above the $31,350 resistance. Bitcoin Price Is Consolidating Bitcoin price found support near the $29,000 zone and started a fresh increase. There was a clear move above the $29,500 resistance zone and the 100 hourly simple moving average. The price climbed above the $30,000 resistance zone. There was a move above the 50% Fib retracement level of the last main decline from the $31,390 swing high to $29,060 low. However, the bulls struggled to stay in action above the $30,500 zone. It faced resistance near the $30,600 level and the 61.8% Fib retracement level of the last main decline from the $31,390 swing high to $29,060 low. Bitcoin is now trading near the $30,000 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $29,650 on the hourly chart of the BTC/USD pair. An immediate resistance is near the $30,600 level. Source: BTCUSD on TradingView.com The next major resistance is near the $31,350 leve...