Bitcoin Price Prediction: BTC/USD bears could very well be targeting $3000 – Confluence Detector

Bitcoin price in the latter stages of trading on Friday is seen nursing minor losses of some 1.3%.
BTC/USD price action is moving within a bearish pennant pattern structure.

Ken Chigbo Independent Analyst

The Bitcoin price in the late part of trading on Friday, is seen in negative territory, by just over 1%. It has been a very mundane week for the cryptocurrency market across the board, a continued lack of commitment from either camp.

BTC/USD price action is narrowing greatly within a bearish pennant pattern structure. It has been in the confinements of this since the back-end of November. Given the extreme tightening, it does look vulnerable to an imminent breakout.

Looking via the daily confluence detector, large barriers can be seen in proximity to current price action. These should be noted at; $3624, daily 38.2% Fibonacci, $3549.7, monthly 38.2% Fibonacci and lastly, $3474.17, daily pivot point support and daily 161.8% Fibonacci.

BTC/USD daily confluence detector

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.

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