Home Bitcoin price prediction: BTC/USD must overcome resistance at $8,485 to re-enter $8,500 zone
Crypto News

Bitcoin price prediction: BTC/USD must overcome resistance at $8,485 to re-enter $8,500 zone

  • The daily confluence detector shows a healthy support level at $8,315.
  • The daily price chart is currently consolidating in a flag formation.

BTC/USD daily chart has gone up from 8.282.30 to $8,535 as markets opened this Tuesday. The price is currently consolidating in a flag formation, currently prepping itself for a potential breakout. The hourly BTC/USD is trending in a narrow price region between $8,252.80 and $8,371.50. The daily BTC/USD daily confluence detector shows a healthy support level at $8,315 and a strong resistance level at $8,475.  

BTC/USD daily confluence detector

fxsoriginal

$8,475 resistance level has the one-day previous high and one-month Fibonacci 23.6% retracement level. On the downside, the $8,315-level has the 5-day Simple Moving Average ( SMA 5), SMA 50, SMA 200 and 15-min Bollinger band lower.  
 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.