BTCUSD Buy the dip
Bitcoin has surged higher over the weekend after traders and investors shrugged off concerns about possible crypto regulations for US citizens. Traders may now look to buy into a meaningful price dip towards the $17,200 or $16,500 area, in expectation of a coming rally. Higher time frame analysis for the BTCUSD pair shows that the $16,200 support level must hold this week.
The BTCUSD pair is only bullish while trading above the $17,200 level, key resistance is found at the $18,000 and the $18,600 levels.
If the BTCUSD pair trades below the $17,200 level, sellers may test the $16,900 and $16,500 levels.