Bitcoin Price Prediction: BTC/USD back in sight of $6000 - Confluence Detector

Bitcoin price in the second half of trading on Monday is trading in the green, holding gains of 1.50%, after the downside pressure on Monday.
BTC/USD bulls are further attempting to breakdown the chunky supply from $5500-600 range.

Ken Chigbo Independent Analyst

Bitcoin price on Tuesday in the second half of the session is trading with modest gains of some 1.50%, taking a minor bounce after the pressure on Monday, where big losses were seen across the board.

BTC/USD bulls are once again attempting to breakdown the chunky supply zone, this can be seen running from $5500 up to $5600 range. Should the breakdown of this area be successful, then it could open the door to a $6000 return.

Looking via the daily confluence detector, firstly the barriers of resistance; $5587.06, weekly pivot point resistance, $5641.49 last week’s high print. To the downside in terms of support; $5314.93, daily 10SMA, $5260.50 daily pivot point support, $5151.65 weekly 23.6% and daily 61.8% 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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