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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 prediction: BTC/USD touches $9000 but fails to sustain upside momentum
Ken ChigboKen ChigboIndependent Analyst

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

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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