Bitcoin Price Prediction: BTC/USD another go at $4500 for the $5000 rally – Confluence Detector

Bitcoin gave back some of its gains towards late part of Monday, still up 3%.
Upside momentum still pointing towards a retest of the big $5000 mark.

Ken Chigbo Independent Analyst

Bitcoin price in the latter stages of trading on Monday, was see holding gains of 3%, after giving some of the earlier advance back. A bout of touted profit-taking kicked into the market during afternoon trading.

BTC/USD ran into sellers at the session high, as the bulls pushed the price to retest the high area of 21st December. Near-term resistance within the $4200 region, continues to cause problems for now, as bulls gun for $5000 retest.

In terms of big areas of resistance or barriers via the daily confluence detector; $4098.90, which was the daily pivot point, $4183, daily pivot point and last week’s high. Lastly, $4226.13, monthly 23.6% Fibonacci.

BTC/USD daily confluence

BTC/USD 15-minute 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.

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