Bitcoin Price Prediction: BTC/USD may have to retest the big $3000 level again – Confluence Detector


  • Bitcoin price trading in very minor positive territory late on Wednesday, up some 0.10%.
  • BTC/USD is moving within an ascending channel formation, subject to a potential breakout south.

The Bitcoin price in the latter part of trading on Wednesday is trading with very minor gains of some 0.10%. Price action has been moving within consolidation mode of late, as market players remains cautious following the heavy selling pressure on the weekend.

BTC/USD price action is moving within an ascending channel formation. This has been in play since 8th February, grinding higher and respecting the trend lines that make up the pattern. Typically, such channels tend to be vulnerable to further downside risks. The next major area of interest would be $3200-3000 to the downside.

Looking via the daily confluence detector for chunky barriers, firstly the upside; $3822.58, 61.8% daily Fibonacci, daily 100SMA, $3862.13, daily pivot point resistance. To the downside; $3783, 38.2% daily Fibonacci, and finally $3624 daily 50SMA.

 

BTC/USD daily confluence detector 

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