Bitcoin price rises above 30,000, strengthening case for upside

Bitcoin price rose above the $28,800 resistance. BTC is up over 6% and could rise further above the $30,500 resistance zone.

• Bitcoin climbed higher and managed to clear the $30,000 resistance zone.
• The price is trading above $30,000 and the 100 hourly simple moving average.
• There was a break above a bullish continuation pattern with resistance near $28,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair can extend the rally if it clears the $30,500 resistance level.

Bitcoin price gains bullish momentum

Bitcoin price formed a new support base above the $28,000 level. BTC started a strong rally and was able to clear the main resistance zone at $28,800.

Also, there was a break above a bullish continuation pattern with resistance near $28,300 on the hourly chart of the BTC/USD pair. It opened the doors for a sustained upward move above the $29,200 resistance zone. The price rallied over 6% and was able to surpass the $30,000 level.

A new monthly high is forming near $30,431 and the price is now consolidating gains. Bitcoin price is trading above $30,000 and the 100 hourly simple moving average.

The price is also positioned nicely above the 23.6% Fib retracement level of the recent rally from the $28,200 swing to the $30,431 high. Immediate resistance is near the $30,450 level. The next major resistance is near the $30,500 zone.

Source: BTCUSD on TradingView.com

A convincing move above the $30,500 resistance could push the price further higher. In the aforementioned case, the price may perhaps rise towards the $31,200 level. The next key resistance is near the $32,000 level.

Falling attractive in BTC?

If Bitcoin’s price fails to clear the $30,500 resistance, it could initiate a downside correction. Immediate support on the downside is near the $30,000 level.

The next major support is near the $29,200 zone and the 50% Fib retracement level of the recent rise from the $28,200 swing low to $30,431 high. A downside break and close below the $29,200 support could push the price back towards $28,800. Any further losses may require a drop towards the $28,000 support zone.

Technical indicators:

Hourly MACD – MACD is now picking up speed in the bullish zone.

Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now in the overbought zone.

Key support levels – $30,000, followed by $29,200.

Major resistance levels – $30,450, $30,500 and $31,200.