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Technical Outlook Of Bitcoin (BTC/USD)


www.fxmag.com 08 November 2022 11:20, UTC
Reading time: ~2 m

Technical analysis:

Exchange Rates 08.11.2022 analysis

BTC/USD has been trading downside and I found the breakout of the rising wedge pattern in the background, which is sign that sellers are in control.

Trading recommendation:

Due to the breakout of the rising wedge in the background, I see potential for further downside movement.

Watch for potential selling opportunities on the intraday rallies with the downside objective at $18.700 and $18.260.

MACD Oscillator is showing fresh downside reading, which is sign that downside momentum is increasing.

Key resistance is set at the price of $21.500

Relevance up to 10:00 2022-11-09 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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