Bitcoin price prediction: BTC/USD touches $9000 but fails to sustain upside momentum
- Bitcoin price on Thursday can be seen trading in negative territory, losses of some 0.5% in the second half of the day.
- BTC/USD broke out to the upside back into the big $9000 territory, the first time since May 2018.
Bitcoin price in the second part of the session on Thursday is trading in the red with losses of around 0.5%. The price experienced a high amount of volatility, where the price broke out to the upside, into the $9000 price area and then quickly gave back the advance.
BTC/USD price action via the 4-hour chart view, broke out from a bullish flag pattern formation, inviting an additional wave of buying pressure, the move was somewhat short-lived for the bulls.
Looking via the daily confluence detector for major barriers of resistance and support. Firstly, to the upside; $8766.20, daily pivot point resistance, $8947.59, daily and weekly pivot point resistance. To the downside, $8675.50, daily 61.8% Fibonacci, $8584.80, daily 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.
