Bitcoin Confluence Detector: BTC/USD remains in range of death, demonstrating potential vulnerabilities

Bitcoin down on Thursday around 1.5%, failing to sustain Wednesday upside momentum.
Large upside barrier noted at $3475, with support at $3228 on the confluence detector.

Ken Chigbo Independent Analyst

Another down day for Bitcoin on Thursday, bulls cannot see to sustain upside momentum. Bears continue to sell the rallies. BTC/USD has been trading within a tight range for going on seven sessions now.

As seen in the session today, the high print was at $3438, with bulls failing to breakout of the stubborn range. Looking via the confluence indicator a heavy barrier can be observed around the $3475 area, which is towards the upper part of the recent range.

Looking to the downside, in terms of a decent barrier of support, this isn’t seen until the $3228 level. This is also a daily pivot point support.

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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