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Bitcoin price prediction: BTC/USD bulls are readying for $10,000 return – confluence detector

  • Bitcoin on Monday is holding minor gains well into the second part of the session, some 1% up.
  • BTC/USD via the daily chart view has broken out to the upside from a bullish pennant pattern.
Bitcoin price prediction: BTC/USD bulls are readying for $10,000 return – confluence detector
Ken ChigboKen ChigboIndependent Analyst

Bitcoin price in the second part of the session on Monday is holding some very minor gains of just 1%. Life was firmly kicked back into the bulls, after surging aggressively to the upside in the session on Sunday.

BTC/USD price action was moving within a bullish pennant pattern structure, as seen via the daily chart view. A large jump in volume was seen on Sunday, as a result the bulls were able to force a breakout from the noted formation.

Looking via the daily confluence detector for major barriers of resistance and support. Firstly, to the upside; $9048.39, daily pivot point resistance, $9323.54, daily pivot point resistance. To the downside, $8589.79, daily 23.6% Fibonacci, $8131.20, weekly 23.6% Fibonacci.

BTC/USD daily chart

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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