Why This Trader Will Be Bullish as Long as Bitcoin Holds $17,800

Bitcoin has begun to show signs of weakness after a strong drop last week. The coin currently trades for $19,000, below the $19,900 year-to-date highs but above the $18,200 local lows.

Some analysts remain bullish despite the recent downward price action. Nik, who goes by Truenomic on Twitter, recently commented that he thinks Bitcoin will be bullish unless the cryptocurrency breaks below the $17,800 region. He shared a chart that shows that this region is a level of technical importance for BTC on a medium-term basis.