Bitcoin staged a huge rally over the weekend, with the BTCUSD advancing back above the $19,000 level after hitting $17,600 last Friday. Going forward, a bullish inverted head and shoulders pattern has been created on the lower time frames with a $3,000 upside projection. Breakout traders may look for a strong move above the $19,900 level to initiate fresh buy positions.
The BTCUSD pair is only bullish while trading above the $18,400 level, key resistance is found at the $19,900 and the $20,700 levels.
If the BTCUSD pair trades below the $18,400 level, sellers may test the $17,600 and $17,400 levels.
