Bitcoin Price Prediction: BTC/USD the gateway to heavenly highs just a breakthrough away – Confluence Detector
- Bitcoin price in the second half of trading on Thursday is trading in the red, nursing losses of 0.10%, as the price consolidates.
- The bulls continue to try and gradually grind down the $5500-600 price range, the key to a $6000 return.
Bitcoin price on Thursday in the second half of the session is trading in minor negative territory, down just some 0.10%. BTC/USD is within consolidation mode, ahead of a further potential committed move north.
BTC/USD bulls are continuing to try and battle a breakdown of the chunky supply region, $5500-600. The noted area is a huge barrier in the way of the big psychological $6000 price mark. Bitcoin last traded here in November 2018.
Looking via the daily confluence detector, firstly the barriers of support; $5364.80, daily pivot point support, $5251.45 weekly 38.2% Fibonacci. To the upside in terms of resistance; $5478.16, daily 23.6% Fibonacci, weekly pivot point resistance, $5591.52, weekly pivot point resistance.
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.
