Bitcoin is holding above key weekly resistance in early Thursday trade as the pioneer cryptocurrency continues to set new multi-year trading highs. Technical analysis is showing that the BTCUSD pair could reach the $20,600 area before a meaningful pullback occurs. Lower time frame analysis is showing that a bullish inverted head and shoulders pattern is in play while price trades above the $17,700 level.
The BTCUSD pair is only bullish while trading above the $18,500 level, key resistance is found at the $20,000 and the $20,600 levels.
If the BTCUSD pair trades below the $18,500 level, sellers may test the $17,700 and $16,500 levels.
