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 

 

 

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