Bitcoin Price Prediction: BTC/USD bulls take a breather after a dominating run – Confluence Detector
|- Bitcoin price on Monday is trading marginally in positive by just a small 0.10%, as the upside momentum slows down.
- BTC/USD has enjoyed a decent and consistent run since the back-end of March, having gained around 80%.
Bitcoin price in the late part of trading on Monday is trading with very minor gains of just 0.10%. The market BTC bulls slowdown somewhat, after what has been a decent run of momentum, strong and outperforming run versus many of its peers.
BTC/USD was moving within a bullish flag structure, of which was broken on 3rd May, followed by further buying pressure. The price managed to push to its highest level since 13th November 2018, briefly within the $6000 territory, before the sellers moved in.
Looking via the daily confluence detector, firstly the barriers of support; $5787.90, daily pivot point support. $5720.47, daily 61.8% Fibonacci. To the upside in terms of resistance; $5855.33, daily pivot point resistance, $5877.81, daily 161.8% Fibonacci.
BTC/USD daily confluence detector
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.