14.3 C
Amsterdam
7 October 2022
PumpMoonshot
Image default
Bitcoin

Bitcoin Price Prediction: BTC/USD critical support being tested – Confluence Detector Ken Chigbo Ken Chigbo FXStreet Follow


  • Bitcoin price running within minor gains late on Thursday, up some 0.60%.
  • BTC/USD price action is supported to the upside by an ascending trend line, which has been in play since 8th February.

 

The Bitcoin price is trading in minor positive territory late on Thursday, holding minor gains of some 0.60%. BTC/USD has continued to trade with a generally cautious tone, something seen across the market, since the heavy fall on Sunday.

BTC/USD price action has been very much supported by an ascending trend line, which has been running north since 8th February. It had provided the necessary comfort to allow the bulls continuing their current road of recovery.

In terms of big barriers, a chunky area of supply can be seen tracking from $4000 up to $4500 price range. The price has not traded comfortably above this since November 2018. Looking via the confluence detector, significant resistance levels to note; $3859.30 daily 5 & 10SMAs, $3899.23, weekly 23.6% Fibonacci.

BTC/USD daily confluence detector 


 

source:.fxstreet

 

 



Related posts

Bitcoin Is Praised By MicroStrategy’s Michael Saylor – See His Explanation

PumpMoonshot

President Nayib Bukele and economist Steve Hanke exchange words over the proposed Bitcoin city

PumpMoonshot

Bitcoin Mining Giant Bitmain’s CEO Accused Of Embezzlement

PumpMoonshot