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Bitcoin Price Prediction: BTC/USD now using $5000 as comfort – Confluence Detector

FX Street
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  • Bitcoin price on Thursday in the second part of the session is holding modest gains of some 2%.
  • BTC/USD bulls must breakdown the range of $5500-600 for greater upside.

 

Bitcoin’s price on Thursday in the second half of the session is trading in positive territory, up some 2%. BTC/USD bulls are using the $5000 price mark as comfort now, which may prove to be the new bottom area.

BTC/USD bulls must break down the barrier that runs from $5500-600 in order to see a fresh wave of buying pressure. A minor cooling was seen after the chunky gains observed over the course of Tuesday and Wednesday,

Looking via the daily confluence detector, firstly the barriers of resistance; $5116.54. daily pivot point resistance 38.2% Fibonacci, $5221.33, daily 23.6% Fibonacci, $5273.72, daily pivot point resistance. To the downside; $4746.78, daily pivot point support, $4697.39 monthly pivot point support.

BTC/USD daily confluence detector  

 

 

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