Bitcoin Price Prediction: BTC/USD bulls are free to run wild – Confluence Detector

Bitcoin is holding decent gains of over 6% late on Friday, outperforming a number of its peers.
BTC/USD bulls have much freedom to run the price well into $6000 territory.

Ken Chigbo Independent Analyst

Bitcoin price is running away with big gains of some 6% in the second half of the day on Friday, up with gains of a chunky 6.50%. Bulls are further extending on their decent run to the north, kick-started in April.

BTC/USD bulls like many of its peers smashed out from bull flag pattern formation. The daily candle today – Friday, has fully erected out from the structure. The closure looks almost set in stone, leaving the door open to further gains.

Looking via the confluence detector, in terms of barriers to the upside, there isn’t a great deal in the $6000 and throughout the area, however; $5927.49, weekly and monthly pivot point resistance, $6224.90, weekly pivot point resistance. To the downside; $5570.61, daily pivot point support, $5511.13, daily pivot point support.

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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