BTC/USD eyes on $5500 barrier for $6000 return – Confluence Detector

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  • Bitcoin price on Wednesday in the second part of the session with modest gains of some 0.35%.
  • BTC/USD price action via the 60-minute chart view has formed a bullish flag pattern.

 

Bitcoin price on Wednesday in the second half of the session is trading in the green with very minor gains of around 0.35%. BTC/USD bulls are attempting to regain full control, moving within somewhat of a bull flag formation.

BTC/USD price action via the 60-minute chart view has formed a bullish flag formation, subject to a potential breakout to upside, after the period of consolidation that has been observed. Eyes remain locked in on the $5500-600 region, where sellers are seen ahead of the $6000 price territory.

Looking via the daily confluence detector, firstly the barriers of resistance; $5238.55, weekly 38.2% Fibonacci, $5346.95 weekly 23.8% Fibonacci. To the downside in terms of support; $5184.35, 38.2% daily Fibonacci, $5130.15, weekly 61.8% Fibonacci.

 

BTC/USD daily confluence detector 

BTC/USD daily chart

 

 

 

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