Bitcoin is attempting to gain traction above the $18,000 resistance level after sellers failed to hold price below the neckline of a large bearish head and shoulders pattern on the lower time frames. A breakout above the $18,500 level could cause the BTCUSD pair to rally towards the $18,800, and possibly the $19,300 level. Medium-term traders that are bearish towards the BTCUSD pair may want to initiate sell positions if the $18,500 level is not surpassed.
The BTCUSD pair is only bullish while trading above the $17,500 level, key resistance is found at the $18,500 and the $19,300 levels.
If the BTCUSD pair trades below the $17,500 level, sellers may test the $16,800 and $16,500 levels.
