Bitcoin Price Prediction: BTC/USD retesting a bullish flag structure – Confluence Detector

Bitcoin price on Monday is nursing losses of around 0.25%, 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 second half of trading on Monday is nursing losses of around 0.25% in the session. The market BTC bulls finally lose some upside momentum, after such as strong and outperforming run higher.

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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