Weekend Fakeout? Analysts Wary of Latest Bitcoin Rally as Price Passes $19k

  • Bitcoin has seen a powerful push larger right now that allowed its value to interrupt above the important thing $19,000 stage that has been so pivotal for its value motion
  • This rally took place after a interval of weak spot that prompted the crypto to plunge as low as $17,600
  • The promoting stress seen round its present value is sort of intense, as $19,400 has lengthy been a powerful resistance stage for the cryptocurrency
  • Whether or not or not it may possibly break above this stage ought to present some critical insights into its near-term value motion
  • A break above this stage might open the gates for the crypto to see considerably additional positive aspects that doubtlessly ship it previous its all-time highs
  • One dealer is cautious of this motion, nonetheless, noting that it may very well be a traditional “weekend fakeout” that has led it into resistance

Bitcoin has been caught inside some turbulent waters as of late, with its value plunging to lows of $17,600 earlier this week earlier than garnering some huge shopping for momentum that has led its value again up in the direction of its all-time highs.

It nonetheless has a pair of hurdles to surmount whether it is to see any additional momentum, with the resistance at $19,400 and $19,800 each being formidable ranges that it wants to interrupt above.

One dealer is awaiting a break above these ranges earlier than he flips absolutely bullish.

Bitcoin Exhibits Indicators of Energy as Bulls Break $19,000

On the time of writing, Bitcoin is buying and selling up just below 2% at its present value of $19,200. That is across the value at which it has been buying and selling all through the morning.

The transfer to this stage took place shortly after the crypto noticed an enormous surge that took place because of a powerful response to the assist that it has inside the upper-$17,000 area.

Beware of Weekend Rallies: Dealer Awaits Resistance Break Earlier than Flipping Bullish

One dealer explained in a current tweet that he’s awaiting a break above $19,400 and $19,700 earlier than he flips bullish on Bitcoin, noting that it’s nonetheless buying and selling well-below its key resistance ranges.

“BTC – Unsure what to make of this 1k transfer up over the weekend. Nonetheless its Sunday and I’m staying flat going into the brand new weekly open. Flip 19.4s and subsequent goal could be Month-to-month open round 19.7s. Price into resistance right here.”


Picture Courtesy of TraderXO. Supply: BTCUSD on TradingView.

The approaching few days ought to shine a lightweight on the place Bitcoin will development within the mid-term, as its response to those resistance ranges ought to shine a lightweight on its mid-term outlook.

Featured picture from Unsplash.
Charts from TradingView.

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