Bitcoin has recently risen above the key $ 19,000 level, which was crucial. This rally came after a period of weakness that caused the leading coin to drop to as low as $ 17,600. The selling pressure seen as $ 19,400 has been a strong resistance level for the cryptocurrency for a long time. Whether BTC can go above this level should provide some serious information on short-term price action.
A break above this level could open the door to a new rally for the leading coin, according to analysts. With this move, BTC could potentially see a significant uptrend allowing it to surpass all-time highs. But one popular analyst was wary of this move, stating that the recent bullish movement could be fake.
Famous analyst TraderXO: I’m watching $ 19,400 and $ 19,700 levels in Bitcoin
Bitcoin has been going through mixed trading sessions recently, and its price dropped to $ 17,600 earlier last week. Later, BTC saw buying pressure that pushed its price above $ 19,000. Now the $ 19,400 and $ 19,800 resistances are the mandatory levels to break above. If BTC is looking to see more momentum, there are still a few hurdles to overcome.
A popular trader expects a break above these levels before fully bullish on BTC. At the time of writing, Bitcoin is trading at prices above $ 19,000. Renowned analyst TraderXO announced in his new analysis that he expects a breakout of $ 19,400 and $ 19,700 before bitcoin rises. Also, the analyst pointed out that BTC is still trading well below key resistance levels. The analyst adds the following to his comments on the issue:
BTC ANALYSIS: I AM NOT SURE WHAT TO DO AFTER THIS $ 1,000 BOOST THROUGH THE WEEKEND. I EXPECT A BREAK MORE THAN 19,400 DOLLARS AND 19,700 DOLLARS BEFORE RISING IN BITCOIN. BTC PRICE IS STILL WELL BELOW THE BASIC RESISTANCE LEVELS …