Bitcoin Price Prediction: BTC/USD subject to losing the $5000 mark – Confluence Detector


  • Bitcoin’s price on Thursday in the second part of the session with steep losses of some 5.0%.
  • BTC/USD bears are pressing hard for a big breach of the psychological $5000 mark to the downside.

 

Bitcoin price on Thursday in the second half of the session is trading firmly in the red, down some 5.0%. BTC/USD bulls lost complete ground at the back end of the session on Wednesday, which has been carried through today, picking up greater downside momentum.

BTC/USD buyers are protecting the big psychological $5000 price mark at present. When the price had broken above, this was touted as the new potential bottom area of comfort, the real test in play to see if it holds.

Looking via the daily confluence detector, firstly the barriers of support; $5056.64, weekly 23.6% Fibonacci, $5004.32 daily pivot point support. To the upside in terms of resistance, daily pivot point support, $178.52 daily 38.2% Fibonacci.

 

BTC/USD daily confluence detector 

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD shoots higher following Bakkt news

Above is the 5-minute BTC/USD chart which shows the powerful surge in volume when the Bakkt announcement was made. The arrow shows the exact time of the release, prior to the story BTC/USD was trading close to 10,000.00 and bouncing off the mean value price for the day. 

More Bitcoin News

Ripple price analysis: Confluence detector shows a lack of healthy resistance and support levels

Ripple is currently trending in a flag formation and is priced at $0.259. This Thursday, the bulls kicked in after the price fell to $0.242 and took the price up to $0.264. 

More Ripple News

Cardano Foundation partners with Berlin blockchain venture studio Konfidio, market reaction muted

The Cardano Foundation revealed that they have partnered up with Berlin blockchain venture studio Konfidio. The main aim of the partnership will be to execute real-world business cases on the Cardano blockchain. According to their announcement:

More Cardano News

Ethereum: ETH/USD bear trapped below broken support range

Ethereum defended the support at $170 before a shallow recovery pulled the price above $180. ETH/USD must reclaim position in the broken support range between $190 - $200.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP