BTCUSD Consolidation phase
Bitcoin is trapped in a period of price consolidation as crypto traders and investors await news surrounding the latest US stimulus package. Failure to ignite a rally above the $19,500 level this week could see the BTCUSD pair testing back towards the $18,000 level. Lower time frame analysis shows that a final corrective drop may need to take place to complete the structure of a bullish inverted head and shoulders pattern.
The BTCUSD pair is only bullish while trading above the $19,000 level, key resistance is found at the $19,500 and the $20,000 levels.
If the BTCUSD pair trades below the $19,500 level, sellers may test the $18,400 and $18,000 levels.