Bitcoin Price Prediction: BTC/USD big support $3500 could give way – Confluence Detector
- Bitcoin in the latter part of Monday was seen up just some 0.2%, as the price continues to trade sideways.
- A large barrier for BTC/USD is observed at $3500, a failure to hold could send the price free-falling to $3000.
Bitcoin price in the latter part of Monday’s session, was seen trading in very minor positive territory of some 0.20%. Price action over the past eleven sessions, has been stuck within a narrowing range of trading.
BTC/USD via the 4-hour chart view is moving within a triangular pattern formation. The vital thing to note is how much the price is currently hugging the lower support. This is tracking at $3500, a critical area of the psychological $3000 mark being tested.
In terms of major levels to note looking via the confluence detector only one; $3563, daily and weekly 23.6% Fibonacci. Should the bears manage to break this barrier and which is in proximity to the lower support of the trend line, then a wave of selling pressure could take BTC/USD down to $3000.
BTC/USD daily confluence detector
BTC/USD 4-hour chart detector
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.
