{"id":5989,"date":"2020-12-13T20:00:08","date_gmt":"2020-12-13T20:00:08","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=452133"},"modified":"2020-12-13T20:00:08","modified_gmt":"2020-12-13T20:00:08","slug":"weekend-fakeout-analysts-wary-of-latest-bitcoin-rally-as-price-passes-19k","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/weekend-fakeout-analysts-wary-of-latest-bitcoin-rally-as-price-passes-19k\/","title":{"rendered":"Weekend Fakeout? Analysts Wary of Latest Bitcoin Rally as Price Passes $19k"},"content":{"rendered":"<ul>\n<li>Bitcoin has seen a strong push higher today that allowed its price to break above the key $19,000 level that has been so pivotal for its price action<\/li>\n<li>This rally came about after a period of weakness that caused the crypto to plunge as low as $17,600<\/li>\n<li>The selling pressure seen around its current price is quite intense, as $19,400 has long been a strong resistance level for the cryptocurrency<\/li>\n<li>Whether or not it can break above this level should provide some serious insights into its near-term price action<\/li>\n<li>A break above this level could open the gates for the crypto to see significantly further gains that potentially send it past its all-time highs<\/li>\n<li>One trader is wary of this movement, however, noting that it could be a classic &ldquo;weekend fakeout&rdquo; that has led it into resistance<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.newsbtc.com\/news\/current-bitcoin-price-action-closely-follows-textbook-distribution-pattern\/\">Bitcoin<\/a> has been caught within some turbulent waters as of late, with its price plunging to lows of $17,600 earlier this week before garnering some massive buying momentum that has led its price back up towards its all-time highs.<\/p>\n<p>It still has a couple of hurdles to surmount if it is to see any further momentum, with the resistance at $19,400 and $19,800 both being formidable levels that it needs to break above.<\/p>\n<p>One trader is awaiting a break above these levels before he flips fully bullish.<\/p>\n<h2><strong>Bitcoin Shows Signs of Strength as Bulls Break $19,000<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/www.newsbtc.com\/news\/intense-bitcoin-whale-exchange-flow-could-be-behind-weekend-crash\/\">Bitcoin<\/a> is trading up just under 2% at its current price of $19,200. This is around the price at which it has been trading throughout the morning.<\/p>\n<p>The move to this level came about shortly after the crypto saw a massive surge that came about due to a strong reaction to the support that it has within the upper-$17,000 region.<\/p>\n<h2><strong>Beware of Weekend Rallies: Trader Awaits Resistance Break Before Flipping Bullish<\/strong><\/h2>\n<p>One trader <a href=\"https:\/\/twitter.com\/Trader_XO\/status\/1338115705665957890\">explained<\/a> in a recent tweet that he is awaiting a break above $19,400 and $19,700 before he flips bullish on Bitcoin, noting that it is still trading well-below its key resistance levels.<\/p>\n<blockquote>\n<p>&ldquo;BTC &ndash; Not sure what to make of this 1k move up over the weekend. Nevertheless its Sunday and I&rsquo;m staying flat going into the new weekly open. Flip 19.4s and next target would be Monthly open around 19.7s. Price into resistance here.&rdquo;<\/p>\n<\/blockquote>\n<p><img decoding=\"async\" loading=\"lazy\" width=\"860\" height=\"436\" class=\"aligncenter size-large wp-image-452134\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EpHxI8fW4AAyUcZ-860x436.jpg\" alt=\"Bitcoin\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EpHxI8fW4AAyUcZ-860x436.jpg 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EpHxI8fW4AAyUcZ-460x233.jpg 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EpHxI8fW4AAyUcZ-768x389.jpg 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EpHxI8fW4AAyUcZ-1536x778.jpg 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EpHxI8fW4AAyUcZ-750x380.jpg 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EpHxI8fW4AAyUcZ-1140x577.jpg 1140w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/12\/EpHxI8fW4AAyUcZ.jpg 1901w\" sizes=\"(max-width: 860px) 100vw, 860px\"\/><\/p>\n<pre>Image Courtesy of TraderXO. Source: <a href=\"https:\/\/twitter.com\/Trader_XO\/status\/1338115705665957890\">BTCUSD on TradingView<\/a>.<\/pre>\n<p>The coming few days should shine a light on where <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-sinks-6-from-weekend-highs-as-election-day-approaches\/\">Bitcoin<\/a> will trend in the mid-term, as its reaction to these resistance levels should shine a light on its mid-term outlook.<\/p>\n<pre>Featured image from Unsplash.\nCharts from <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has seen a strong push higher today that allowed its price to break above the key $19,000 level that has&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5990,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[180,114,115,116],"class_list":["post-5989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5989"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5989"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5990"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}