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Bitcoin price prediction: Bulls rally back but upside remains limited

  • BTC/USD is currently priced at $8,395.
  • The daily confluence detector shows strong resistance at $8,500.
Bitcoin price prediction: Bulls rally back but upside remains limited
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD is on course of charting two bullish days in a row. So far today, BTC/USD has gone up from $8,305 to $8395. Yesterday BTC/USD found support at the $8.050 support line and bounced up to $8,305. The bulls came back strong after the price fell to $7,709.55. The hourly breakdown shows us that the bears dropped the price from $8,305 to $7,757.25 in the first seven hours of Monday. However, that was when the bulls responded by spiking the price up to $8,300. Following that, the price trended horizontally for a bit and finished the day around $8,305. Today the bears started strong by taking the price down to $8,227.45, but the bulls have since taken control and managed to bring BTC/USD up to $8,395.

BTC/USD daily confluence detector

fxsoriginal

The $8,500 resistance level has the one-month Fibonacci 23.6% retracement level. The only support level of note is at $8,140 and it has the one-day Fibonacci 38.2% retracement level.
 

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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