Bitcoin Price Prediction: BTC/USD forced to retreat ahead of potential $5000 reclaim – Confluence Detector
- Bitcoin price nursing losses over 4 percent in the latter part of Friday.
- To the downside, there appear to be chunky price levels that should provide support, according to the confluence detector.
The Bitcoin price in the late part of Friday’s session, was trading down with steep losses of over 4 percent. Market bulls were forced to retreat, following the big gains see throughout the week, none of a surprise to see some touted profit-taking.
BTC/USD over the last two sessions, has struggled to break down a known area of supply. $4043.53 is a chunky barrier on the daily confluence detector, 23.6% daily Fibonacci. In addition sellers remain camped from $4100-300 range.
Looking to the downside for support, given the cooling south. Eyes on a decent sized barrier at $3933.18, weekly pivot point. $3917.41, weekly 161.8% Fibonacci. $3854.36, daily 61.8% Fibonacci. All areas sought for potential support of this falling price.
BTC/USD confluence
BTC/USD daily chart
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.
