If Bitcoin price can hold above $19,000 for an extended period of time, it could be a sign that upside is imminent for the coin
Bitcoin price has been swept up in a fierce uptrend over the past few days, as bulls actively pushed BTC higher, with BTC now past key resistance of $ 19,000. At press time, Bitcoin is trading around $ 19,206, up nearly 5% over the past 24 hours.
BTC/USD 4-hour chart | Source: TradingView
If Bitcoin price can hold above $ 19,000 for a long time, it could be an indication of an imminent uptrend
The selling pressure in the $ 19,183 zone has proven to be quite stiff.
Crypto trader Nik Patel is currently noting that Bitcoin may first need to re-test a major technical level before posting any significant rallies higher.
At the time of writing, Bitcoin is only up over 5%, with its current price around the $ 19,200 region. This is where it has been trading for the past few hours. It appears to be quite stable above this price point, as the sellers have yet to trigger any fierce sell-offs.
This could be a positive sign that another bull run is imminent, although selling pressure around its all-time high in the zone above $ 19,000 could cause it to see—corporate disclaimer.
Crypto trader Nik Patel believes that Bitcoin may need to test its 200-day MA before crossing its all-time high. This could mean a drop as low as $ 13,000-15,000 could be imminent in the coming days and weeks.
He stated:
Something to be aware of:
In 2017, the 200dMA underpinned the entire trend. We haven’t retested it in a while – wouldn’t be surprised to see a 30-35% dip in late Dec/early Jan to retest it as support for the next leg higher to $21k+. pic.twitter.com/3zhAprqLB2
— Nik Patel (@cointradernik) November 24, 2020
Source: TradingView
Over the next few days will provide details on whether this bull run will happen or whether BTC will continue to move higher parabolic higher.
You can see the BTC price here.
Read more:
- Bitcoin Whales Are Moving Their Holdings To Coinbase As More And More Users Registered To Use The Exchange
- Mike Novogratz Had Been Up All Night Trading Crypto But Has Not Dumped His BTC Even Though Bitcoin Price Has Surpassed $19,000