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. 
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin bulls and bears standoff continue, someone has to give in

The cryptocurrency market is dominated by bearish sentiments during early Asian hours. Bitcoin and most altcoins out of top-20 are nursing losses on a day-to-day basis. Binance Coin (BNB) is the biggest loser, down 4%, while Tezos (XTZ) and Bitcoin Cash (BCH) is in a green zone.

More Cryptocurrencies News

Litecoin price analysis: LTC/USD trends in a downward channel formation

LTC/USD is currently priced at $55 and has had a bullish start to this Thursday. The daily price chart is still trending in a downward channel formation. The hourly chart for Wednesday and Thursday shows us that the price  ...

More Litecoin News

Tron price analysis: TRX/USD must defend the falling channel for dear life

Tron is disintegrating within a falling wedge pattern. The declines come after a failed attempt to rise above the resistance at $0.023. A lower high and lower low pattern has been the norm in the last three weeks.

More TRON news

Bitcoin Cash price update: BCH/USD future is still bright, $300 is the rendezvous

Bitcoin Cash recently tested $230 during the slump that shuttered various tentative support areas including $280, $260 and $240. Ranging channel support ($270) was also broken. Following the drop, an effort has been made to ....

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: In the middle of nowhere

Bitcoin has been drifting down since the beginning of the week, as the bulls have no luck with the recovery campaign launched during the previous weekend.

Read the weekly forecast

BTC

ETH

XRP