Bitcoin Price Analysis: BTC/USD a $3000 retest is not yet out of the picture
- Bitcoin nursing losses in the latter part of Monday down some 1%, after a slow session.
- BTC/USD bears are testing a vital running ascending trend line to the downside.
The Bitcoin price is trading down some 1.20% in the latter part of Monday’s session. It has been a slow and soft start for the number one cryptocurrency by market cap so far, which is very much seen across the market.
A vital daily ascending trend line of support can be observed, it has been in play since 8th February. Should the bears force a breakout to the downside, a fast move back down to the low area of 2019 may be seen in no time.
If the above-described occurs, then the $3000 mark to the downside may be tested. The next major area of demand is eyed down at the low area of 2019, produced in January. It can be seen tracking around $3345. If however the price can bounce again on the ascending trend line, eyes will be on a another retest to try and breakdown $4000 territory.
BTC/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
