Bitcoin Price Prediction: BTC/USD is moving imminent breakout eyed – Confluence Detector

Bitcoin price on Wednesday is seen trading in very minor positive territory, up 1%.
BTC/USD range-block spells further potential danger for the price, despite gains today.

Ken Chigbo Independent Analyst

The Bitcoin price is moving in a range-bound motion, within the confinements of a range-block formation. Vulnerabilities still point to further downside shocks, should the bears force a breach of the lower acting support.

BTC/USD has not done anything to be frank, for the past six sessions now. The upper part of this period is eyed at $3711, with the low tracking at $3473. Upon a breach, either side, there will likely be an explosive move, given the extent of the range.

Looking via the daily confluence detector, upside barriers should be noted at; $3706.29, weekly 23.6% Fibonacci, further north, $3781.43, daily 161.8% Fibonacci and weekly 38.2% Fibonacci. To the downside, $3593.59, monthly 38.2% Fibonacci and prior week low.

BTC/USD daily confluence

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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