Bitcoin briefly surges to new 2019 highs: Sharply reverses testing key support
|- Bitcoin spikes again to a new 2019 high but retraces to test support at $9,520.
- BTC/USD is well supported hitting further gains in the near-term.
Volatility levels are at their highest in June. After breaking above $9,000 for the second time this year, Bitcoin hovered above $9,100 on Monday. Moreover, the higher support came after a correction from the Sunday support at $8,800. BTC/USD extended the gains today above $9,300 resistance but struggled with gains towards $9,400.
However, a brief surge later stepped above the critical level $9,400 but sharply changed direction with BTC/USD plunging below $9,300 support.
Bitcoin could be reacting to an inverted head-and-shoulders pattern which initially ignited gains above $9,400 but it led to an ongoing bearish momentum. BTC/USD changes hands at $9,289 and continues to trend lower and could test the support at $9,2050 coinciding with the 50 Simple Moving Average (SMA). $9,200 is another key level that will cushion Bitcoin’s declines. However, in the event declines progress $9,100 and $8,800 will come in handy.
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