Bitcoin Price Prediction: BTC/USD critical support continues to be tested – Confluence Detector
- Bitcoin price in the second half of trading on Monday is trading in the green, holding gains of 0.30%.
- BTC has outperformed much of its peers of whom are suffering, with a big beating for many altcoins.
Price action is supported by a critical daily ascending trend line, tracking around $5050-00.
Bitcoin price late in the session Monday has managed to push itself back into positive territory, holding very minor gains of some 0.30%. BTC has outperformed in comparison to many of its peers, where there has been much bloodshed.
BTC/USD is being supported for now by a critical trend line, it is cushioning the price, preventing a total free-fall. The support can be observed tracking around $5050-00, around today’s session lows.
Looking via the daily confluence detector, firstly the barriers of resistance; $5195.64, daily 61.8% Fibonacci, $5249.39 weekly 38.2% Fibonacci and daily pivot point resistance. To the downside in terms of support; $5088.13, daily pivot point support, $5034.37, daily pivot point support.
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.
