TA: Why Bitcoin Price Could Explode Above $30.6K In Near-term

Bitcoin started a fresh increase from the $28,500 support zone against the US Dollar. BTC could rally if there is a clear move above the $30,600 resistance zone. Bitcoin formed a double bottom pattern near $28,500 and climbed higher. The price is now trading above the $30,000 level and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if there is a clear move above $30,600. Bitcoin Price Could Soon Rally Bitcoin price remained well bid above the $28,500 support zone. It seems like there was a double bottom pattern formed above $28,500 before the price started a fresh increase. There was a clear move above the $29,500 resistance zone and the 100 hourly simple moving average. The price even climbed above the $30,000 resistance zone. However, the bears are still active near the $30,600 resistance zone. The price traded as high as $30,500 and is currently correcting lower. There was a move below the 23.6% Fib retracement level of the upward move from the $29,225 swing low to $30,500 high. On the downside, there is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair. It is now trading above the $30,000 level and the 100 hourly simple moving average. An immediate resistance is near the $30,450 level. The next major resistance is ne...