Bitcoin Price Prediction: BTC/USD is a step away from $6000 return – Confluence Detector
- Bitcoin price in the second half of trading on Wednesday is trading in the green, holding gains of 0.22%, as the bulls resume buying pressure.
- BTC/USD is making strong progress towards a return of the $6000 territory.
Bitcoin price on Wednesday in the second half of the session is trading with modest gains of some 1%, the bulls further capitalizing on the gains seen on Tuesday. The recovery mode is strengthening each day, moving further away from the lows seen at the start of January, down within the $3000 territory.
BTC/USD bulls are moving gradually through the sticky supply area of $5500-600 range. They need just one final push and the price could very quickly return back up to the $6000 territory.
Looking via the daily confluence detector, firstly the barriers of resistance; $5622.00, last month and last week high. $5898.93, monthly and weekly pivot point resistance. To the downside in terms of support; $5400.78, weekly 61.8% Fibonacci and daily pivot point support. $5234.86, daily and monthly 23.6% 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.
