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.
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.
