Bitcoin Price Analysis: BTC/USD big buyers may be waiting for $3000
- Bitcoin price late on Monday trading marginally in the red, as the price continues to move sideways.
- BTC/USD price action has formed a range-block formation, subject to another breakout south.
The Bitcoin price in the very latter stages of trading on Monday, was seen nursing some minor losses of around 0.40%. It has been a generally quiet and range-bound session for the start of the week, continuing what was seen in the prior week.
BTC/USD price action via the daily chart view, continues to move within a range-bound nature, having formed a block, subject to another breakout south. This type of price action does express vulnerabilities to the downside.
Technically, the next major area of support – near-term is eyed just below, the lower part of the above-mentioned formation. This can be seen tracking at $3350, a breach here will likely invite another wave of selling pressure. Bears will be eying up the a return to $3000, next big psychological area of support and where the big buyers could come back in.
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.
