TA: Bitcoin Forms Bullish Pattern, Why Break Above $31.5K Is The Key

Bitcoin remained strong above the $29,500 support against the US Dollar. BTC could start a major increase if there is a clear move above the $31,500 resistance. Bitcoin started a fresh increase from the $29,500 support zone. The price is now trading above the $30,000 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $31,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a major upward move if there is a clear move above the $31,500 resistance. Bitcoin Price Reverses Losses Bitcoin price remained well bid above the $29,200 and $29,500 levels. A low was formed near $29,200 and the price started a fresh increase. There was a clear move above the $30,000 resistance zone. The bulls were able to pump the price above the $30,500 level and the 100 hourly simple moving average. It even surged above the $31,000 level and even tested the $31,500 resistance zone. A high is formed near $31,550 and the price is now consolidating gains. It already tested the 23.6% Fib retracement level of the recent increase from the $29,200 swing low to $31,550 high. An immediate resistance on the upside is near the $31,400 level. There is also a key bearish trend line forming with resistance near $31,400 on the hourly chart of the BTC/USD pair. The first major resistance is near the $31,500 level. A clear move above the $31,500 resistance level could send th...