Bitcoin surges above $30,000
Following the emergence of the rounding bottom pattern on the daily chart, Bitcoin managed to slice above the psychological resistance level at $30,000 on April 11. The Relative Strength Index (RSI) has shown a reading of 70, suggesting that the leading cryptocurrency is still not in overbought territory with more upside potential.
Should the buyers continue to keep the bullish momentum going, the next level of resistance will appear at the 127.2% Fibonacci extension level at $34,490. In order for the optimistic target given by the chart pattern to be achieved, toward $40,000, BTC will need to sustain trading above the neckline at $28,486.
If the buying pressure falters, Bitcoin may be able to find support at the 78.6% Fibonacci retracement level at $27,205.
