Bitcoin keeps hovering around $8,200 as bears push the price down – Confluence Detector

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  • Strong resistance lies at $8,485, which prevents movement back into the $8,500-zone.
  • There is a lack of healthy support levels on the downside.

BTC/USD has had a bearish start to Tuesday as the price dropped from $8,217 to $8,185. This Monday also turned out to be a seller-heavy one as BTC/USD fell from $8,235.70 to $8,217. The hourly chart shows us that intra-day resistances lie at $8,282.25 and $8,262. Apart from dropping at those two levels, the price has pretty much been trending horizontally. The daily confluence detector shows us that while there is a lack of healthy support levels, strong resistance lies at $8,485.

BTC/UTD daily confluence detector

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$8,485 has the one-day Fibonacci 161.8% retracement level, previous week high and one-month Fibonacci 23.6% retracement level.
 

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