Bitcoin price prediction: BTC/USD reversal expected after defending $5,000 support – Confluence Detector

Bitcoin disappointment most investors who were anticipating a break above $6,000 on Thursday with declines that slipped slightly below the support at $5,000. The losses come after the bulls propelled Bitcoin above $5,400 level yesterday. The gains were, however, short-lived as Bitcoin dropped below several key support levels at $5,300 and $5,200.

The 1-hour chart shows that Bitcoin could plunge lower especially if the $5,000 support gives in to pressure. The largest digital asset is valued at $5,041 while the confluence detector tool places the initial resistance at $5,068.67: Previous High 15-minutes, SMA 10 15-minutes, previous high 1-hour, previous low 1-hour, Bollinger Band 1-hour lower, previous low 15’, 5 SMA 15’ and the 23.6% Fib level weekly.

Correction above this level is expected in the coming sessions as Bitcoin buyers increase their entries. The movement past this level is expected to go uninterrupted until BTC/USD hits a barrier at $5,173.55: 10 SMA 1-hour, previous low daily chart, pivot point 1-day S1and the 50 SMA 15’. However, past this level, there are multiple resistance congestion zones starting with $5,226.00, $5,278.44, $5,383.32 and $5,488.20.

On the flipside, Bitcoin is still in danger of another drop that could retest the support at $4,800. However, the confluence detector outlines the initial support at $5,016.23: 10 SMA daily and the pivot point 1-day S2. A significant support zone exists between $4,806.46 and 4,911.35. Moreover, BTC/USD extended declines will be supported at $4,754.02 and $4,439.37.