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Bitcoin price prediction: BTC/USD still struggles to get past $8,500 as horizontal movement continues

  • BTC/USD currently priced at $8,342.45.
  • Strong resistance at $8,475 caps any potential upside movement.
Bitcoin price prediction: BTC/USD still struggles to get past $8,500 as horizontal movement continues
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD continues to trend horizontally and struggles to break past the $8,500-level. The confluence detector shows us that the resistance level at $8,475 prevents any further upward movement. The market has had a bearish start to the day. It flash-dropped to below $6,500 for a bit before recovering around $8,342.45. The daily confluence detector shows that the BTC/USD has two healthy support levels keeping it up. 

BTC/USD daily confluence detector

fxsoriginal

The $8,475 resistance level has the one-month Fibonacci 23.6% retracement level. On the downside, there are two healthy support levels at $8,325 and $8,275. $8,325 has the one-day Fibonacci 38.2% retracement level, the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 10 curves. $8,275 has the one-day Fibonacci 61.8% retracement level, one-hour Bollinger Band middle curve, SMA 100 and SMA 5 curves.
 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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