Bitcoin Price Prediction: BTC/USD gunning for the big psychological $3000 retest – Confluence Detector

Bitcoin price on Tuesday nursing minor losses of 0.50%, as the price gradually extends lower after range-breakout.
There isn’t much in the way of major support, ahead of the big psychological $3000 mark.

Ken Chigbo Independent Analyst

Bitcoin price on Tuesday was seen nursing minor losses in the latter part of the session, down some 0.50%. BTC/USD extends to the south, after a pro-longed period of trading within a tight range block formation.

As a recap, the price had been stuck within a mundane trading range, this was seen from 11th Jan – 27th January. On 28th January, the bears made a break to the downside from this formation, which appeared to trigger stops to the downside.

Looking at the daily confluence detector, in terms of key barriers of support; $3393.94, 23.6% Fibonacci. Further south, $3110.09, monthly pivot point support. These are the only levels which are significant to note, ahead of the big psychological $3000 mark.

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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