Bitcoin Price Prediction: BTC/USD bulls take a breather after a dominating run – Confluence Detector

Bitcoin price on Monday is trading marginally in positive by just a small 0.10%, as the upside momentum slows down.
BTC/USD has enjoyed a decent and consistent run since the back-end of March, having gained around 80%.

Ken Chigbo Independent Analyst

Bitcoin price in the late part of trading on Monday is trading with very minor gains of just 0.10%. The market BTC bulls slowdown somewhat, after what has been a decent run of momentum, strong and outperforming run versus many of its peers.

BTC/USD was moving within a bullish flag structure, of which was broken on 3rd May, followed by further buying pressure. The price managed to push to its highest level since 13th November 2018, briefly within the $6000 territory, before the sellers moved in.

Looking via the daily confluence detector, firstly the barriers of support; $5787.90, daily pivot point support. $5720.47, daily 61.8% Fibonacci. To the upside in terms of resistance; $5855.33, daily pivot point resistance, $5877.81, daily 161.8% Fibonacci.

BTC/USD daily confluence 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.

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