BTCUSD Huge Rally

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.

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Octa (formerly OctaFX) is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 40 million trading accounts.

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