- Bitcoin saw a strong push higher today despite some weakness yesterday
- Where the benchmark cryptocurrency trends in the near-term will depend largely on whether or not bulls can flip the resistance at $16,500
- A break above this level would open the gates for a move into the $17,000 region
- The coming few days and weeks should provide some serious insights into where the markets will trend in the days and weeks ahead
- One trader is now noting that the cryptocurrency is nearing a high time frame resistance level
- He believes that where the entire market trends in the near-term will depend largely on its reaction to this level
Bitcoin has been showing signs of strength throughout the past day, with yesterday’s slight downtrend resulting in it seeing a prolonged bout of sideways trading.
Where the aggregated market trends in the mid-term should depend largely on whether or not Bitcoin can continue holding above the lower-$16,000 region for an extended period of time.
One trader is noting that although BTC is trading around a high time frame resistance level, he believes that it is flashing signs of strength on its lower time frames.
Whether or not that can push BTC above $16,500 remains to be seen.
Bitcoin Bears Struggle to Gain Momentum as Uptrend Continues
At the time of writing, Bitcoin is trading up just over 2% at its current price of $16,370. This is around the price at which it has been trading throughout the past few days.
BTC was able to post its weekly candle close above $16,000, a positive development for bulls. This was the third-highest weekly candle close ever seen by the cryptocurrency. It was only a few dollars behind its second-highest close.
Its current strength may be coming about as a result of this.
BTC Nears Key Resistance as Bulls Roar
One trader said that although Bitcoin is flashing signs of low time frame strength, it is nearing a high time frame resistance level that may slow its ascent.
“BTC: HTF right at resistance. Previous weekly high retested and flipped. LTF looks pretty bullish. Hold low 16000s (16150-16060) and I think we’ll see new highs this week.”
How Bitcoin responds to these key levels throughout the week should shed some light on where it will trend throughout 2020.
