Bitcoin Price Prediction: BTC/USD may be forced to retest $3000 - Confluence Detector
- BTC/USD trading down around 2% towards the latter part of Monday.
- The price may be forced to find buyers back down towards the $3000 level.
The Bitcoin price has been on the back foot during the session on Monday, as a collective cooling is seen across the cryptocurrency market. Price action has been narrowing over the past six sessions now.
Looking at the daily confluence detector, in terms of big barriers of support; $3753.00, weekly 23.6% Fibonacci and a daily pivot point. Further south, the next noteworthy level is eyed at $3556.83, which is a monthly and weekly support, in addition to the previous week’s low.
Outside of this current range, there is little in the way of major demand, until back towards the $3100-3000 area. BTC/USD has been moving within a $600 range, $4100 down to $3500, the breakout of this will very likely be chunky.
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.
