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  • BTC/USD is currently trading for $8,332.85, as price consolidation continues.
  • BTC/USD has solid support at $8,315, as per the daily confluence detector.

Bitcoin is on course of charting its third bullish day in a row. The price continues to consolidate in a flag formation, getting primed for a potential breakout. The hourly breakdown of Tuesday shows us that the bulls had found consistent resistance at the $8,450 line. The daily confluence detector shows us that there remains a strong resistance at $8,485, which prevents entry into the $8,500 zone.

BTC/USD daily confluence detector

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The $8,485 resistance level has the one-month Fibonacci 23.6% retracement level. On the downside, the only support level of note is at $8,315, which has the one-week Fibonacci 23.6% retracement level, one-hour previous low and four-hour previous low.