BTCUSD Still overbought
Bitcoin could test back towards the $18,000 level in the near-term as the cryptocurrency faces numerous technical rejections from the $19,400 area. Traders that are bearish towards the cryptocurrency will increase bearish bets towards the BTCUSD pair if the $18,250 level is broken. Technical analysis highlights that the BTCUSD pair could decline as far as the $17,500 support level.
The BTCUSD pair is only bullish while trading above the $19,000 level, key resistance is found at the $19,400 and the $19,900 levels.
If the BTCUSD pair trades below the $19,000 level, sellers may test the $18,250 and $17,500 levels.