Bitcoin Price Prediction: BTC/USD fails at major hurdle for now – Confluence Detector

Bitcoin is trading ever so marginally in red, late in the session Tuesday, after initially starting the day with strong gains.
BTC/USD bulls early on Tuesday were pressing higher, attempting to breakdown the big barrier of $8000-8500.

Ken Chigbo Independent Analyst

Bitcoin was early on Tuesday enjoying much upside pressure throughout the session. However, towards the second part of the day, momentum was lost across the market, following such an excessive run of gains.

BTC/USD in the first half of trading in the session traded at it's highest levels seen since July 2018, as the price remained on course with a strong recovery, which has been observed throughout 2019. Bitcoin at the high of the session was at one point seen up a chunky 155% year to date.

In terms of the key levels to note via the daily confluence detector, to the upside; $7892.07, daily 23.6% Fibonacci, $8376.97, daily pivot point resistance. To the downside; $7649.61, daily 38.2% Fibonacci, $7568.80, weekly and monthly 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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