- Bitcoin has seen a strong push today that allowed its price to break above the key USD 19,000 level that was so crucial to its price action
- This rally came after a period of weakness that saw the cryptocurrency fall as low as $ 17,600
- Selling pressure around the current price is quite intense as USD 19,400 has long been a strong level of resistance for the cryptocurrency.
- Whether or not it can break above this level should provide serious insights into the short term price action
- A break above this level could open the gates for the crypto to see significantly more gains potentially sending it past its all-time high
- However, a trader is wary of this move, noting that it could be a classic ‘weekend fake’ that has sparked backlash
Bitcoin has been caught in turbulent waters lately, with a price dropping to lows of $ 17,600 earlier this week, before providing massive buying momentum that has led the price back to its all-time high.
It still has some hurdles to overcome if it is to see further momentum, with the USD 19,400 and USD 19,800 resistance both formidable levels it needs to break.
A trader will wait for a break above these levels before flipping completely bullish.
Bitcoin is showing signs of strength as Bulls break USD 19,000
At the moment of writing, Bitcoin is trading just under 2% at the current price of $ 19,200. This is around the price it has been trading at all morning.
The move towards this level came about shortly after the crypto saw a massive wave that came about as a result of a strong reaction to the support it has in the top USD 17,000 region.
Beware of weekend gatherings: Trader is waiting for resistance break before turning bullish
A merchant explained in a recent tweet that he is waiting for a break above USD 19,400 and USD 19,700 before turning bullish on Bitcoin, noting that it is still trading well below its key resistance levels.
BTC – Not sure what to think of this 1k rise over the weekend. Nevertheless, it is Sunday and I am staying flat to enter the new weekly opening. Flip 19.4s and the next target would be open around 19.7s Monthly. Price here. “
Image Courtesy of TraderXO. Source: BTCUSD on TradingView.
The next few days should shine a light on where Bitcoin will show a trend in the medium term as the response to these resistance levels should shed light on the medium term outlook.
Featured image from Unsplash. Charts from TradingView.