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.

Ken Chigbo Independent 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

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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