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


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.