Bitcoin Price Prediction: BTC/USD sitting just above critical support – Confluence Detector

Bitcoin price in the second half of trading on Friday is trading in the green, holding gains of 2.50%, after the bloodshed on Thursday.
BTC/USD is being supported by a critical daily ascending trend line, which has been in play since 3rd April.

Ken Chigbo Independent Analyst

Bitcoin price on Friday in the second half of the session is trading with modest gains of some 2.50%, taking a minor bounce after the beating on Thursday, where big losses were seen across the board.

BTC/USD is being supported for now by a critical trend line, it is cushioning the price, preventing a total free-fall. The support can be observed tracking around $5200, around today’s session lows.

Looking via the daily confluence detector, firstly the barriers of resistance; $5400.25, daily 5SMA, $5453.38 daily and weekly pivot point resistance. To the downside in terms of resistance; $5294.00, daily 61.8% Fibonacci, $5240.88, weekly 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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