Bitcoin price prediction: BTC/USD bulls are gunning for $6000 and beyond – confluence detector
- Bitcoin is trading in the green late on Thursday, up some 0.9%.
- BTC/USD upside is being capped at present by some strong supply seen around $8100-300 range.
Bitcoin price on Thursday has continued to move within consolidation mode, trading with minor gains of 0.90%. BTC/USD daily price action remains within a narrow range for the standards of Bitcoin, a range low of $7500 to a high of $8200, seen over the last going on 8 sessions.
BTC/USD bulls must break down the big supply zone seen at $8100-300 range, to move to greater heights. The next area of interest would be a retest of the $9000 price territory, a short-lived moment last seen on 30th May.
In terms of key technical levels via the daily confluence detector to be aware of, to the upside; $8198.47, monthly 23.6% Fibonacci, $8283.29, weekly 61.8% Fibonacci. To the downside; $8113.65, daily 38.2% Fibonacci, $7944.00, 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.
