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Bitcoin price prediction: BTC/USD big $7500 safety at threat – confluence detector

  • Bitcoin Cash on Thursday in the latter part of the session is nursing losses of some 1.5%.
  • BCH/USD has failed to make a solid retest of a critical breached ascending trend line of support.
Bitcoin price prediction: BTC/USD big $7500 safety at threat – confluence detector
Ken ChigboKen ChigboIndependent Analyst

Bitcoin price in the second part of the session on Thursday is nursing losses of around 1.5%. The bears have extended to the south, following a breakout out of a key supporting ascending trend line.

BTC/USD price action has pushed further south, this follows a breach of a trend line which had been in play from mid-May. The bears managed to force a chunky breakout at the start of the week, inviting a fresh wave of selling pressure.

Looking via the daily confluence detector for major barriers of resistance and support. Firstly, to the downside; $7640.76, monthly 38.2% Fibonacci, $7560.88, daily pivot point support. To the upside, $7800.52, daily 38.2% Fibonacci, $7880.40 daily 23.6% Fibonacci.

BTC/USD daily confluence detector

 

Author

Ken Chigbo

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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