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Bitcoin Price Prediction: BTC/USD big resistance at $5500 could soon give way to bulls – Confluence Detector

  • Bitcoin price on Tuesday in the second part of the session is trading down with minor gains of some 1%.
  • BTC/USD bulls sees minor cooling after a decent run higher, the price had been on four consecutive sessions of advances.
Bitcoin Price Prediction: BTC/USD big resistance at $5500 could soon give way to bulls – Confluence Detector
Ken ChigboKen ChigboIndependent Analyst

Bitcoin’s price on Friday in the second half of the session is trading in negative territory, down some 1%. BTC/USD bulls see a minor period of cooling following a strong recent run north, as they eye a big resistance breakdown.

BTC/USD is flirting with a huge game-changing zone of resistance, which if broken down could allow a strong wave of buying pressure through. The price has been running higher for the past four consecutive sessions.

Looking via the daily confluence detector, firstly the barriers of support; $5182.24. weekly 23.6% Fibonacci. $5073.89, To the upside in terms of resistance; $5236.42, 61.8% daily Fibonacci. $5290.60, 38.2% 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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