Bitcoin price prediction: BTC/USD final barrier from $9000 and beyond - confluence detector
- Bitcoin is trading in the green late on Friday, up some 1.5%.
- BTC/USD upside is being capped at present by some strong supply seen around $8100-300 range.
Bitcoin price on Friday late in the session is outperforming many of its peers which are in negative territory. The price is trading up some 1.5%, as the general market continues to move within consolidation mode.
BTC/USD bulls must break down the big supply zone heading into $8500-territory. It is the last major barrier ahead of a $9000 price return, where BTC managed to briefly trade on 30th May before running into sellers.
In terms of key technical levels via the daily confluence detector to be aware of, to the upside; $8531.36, daily pivot point resistance, $8706.09, daily pivot point resistance. Fibonacci, $8283.29, weekly 61.8% Fibonacci. To the downside; $8181.91, monthly 23.6% Fibonacci, 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.
