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.
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.
