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.
