Bitcoin Price Prediction: BTC/USD slammed 10% on Thursday eyes back on $3000 – Confluence Detector

Bitcoin price is seen down a chunky 10% in the second half of trading on Thursday.
BTC/USD December gains are under threat of full reversal, eyes back on $3000 to the downside.

Ken Chigbo Independent Analyst

Bitcoin price on Thursday has been hard hit, dropping a whopping double-digits. At the time of writing down 10%, as the expected wave of bear pressure came back into play. After being in consolidation mode for the past 16 days.

BTC/USD since the big pump from 16-24th December, the price has done very little. It had been moving within a range-bound nature, showing little signs of a committed trend. The hope of a big recovery anytime soon, is fast disappearing. The December gains are very much at threat of full reversal by the bears.

Looking via the confluence detector, in terms of next big barriers of support; $3406.98, monthly pivot point support and monthly 23.6% Fibonacci. Aside from this, there may be a fast retest of the big psychological $3000 mark to the downside.

BTC/USD confluence detector

BTC/USD 15-minute 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.

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