Bitcoin Price Prediction: BTC/USD next target zone up at $5500-600 range

Bitcoin price on Wednesday holding decent gains of some 2.5%, as the bulls extend on the recent upside run of momentum.
BTC/USD bulls next major barrier is seen up at $5500 – 5600 range, last traded up here in November 2018.

Ken Chigbo Independent Analyst

Bitcoin price on Wednesday in the second part of the session up with gains of some 4%. BTC/USD bulls managed to sustain heights of the $5000 price area, which was is the highest the price has traded since November 2018.

BTC/USD having broken out of the narrowing daily range-block formation, which runs from $3600 up to $4000, where the price was trading throughout March, further upside is now eyed. The bulls are now free from these limiting confinements.

Looking via the daily confluence detector, firstly the barriers of resistance; $5261.24, daily pivot point resistance, $5679.40, daily pivot point resistance. To the downside; $4843.07, daily 23.6% Fibonacci, support, $4738.53, monthly pivot point support and 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.

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