Bitcoin Price Prediction: BTC/USD sold progress to $5000 – Confluence Detector

BTC/USD sees double-digit gains on Thursday, jumping as much as 11%.
There is little in the way of big barriers obstructions, ahead of the $5000 mark.

Ken Chigbo Independent Analyst

The Bitcoin price on Thursday is further extending on the strong week of gains see. Holding up in the double-digits of 11%, towards the latter stages of the session. As the bulls are gunning towards a reclaim of that big $5000 mark.

In terms of barriers via the daily confluence detector, to the upside; $4201.79, which is the monthly 23.6% Fibonacci. Outside of that, there isn’t too much in the way of allowing another wave of buying pressure to come into play.

To the downside, in case of a loss of bullish momentum; $4033.14, which is a daily pivot point. Further south; $3906.65, weekly Fibonacci 161.8% and the previous session higher. Lastly; 3653.66, last week’s high and the previous session 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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