BTC update for October 12, 2023 – Broken triangle pattern to the downside
October 12, 2023 9:23 am
Technical analysis:
BTC/USD has been trading downside as I expected and the downside breakout of descending triangle is progressing well. I still see further downside movement towards the downside objectives.
Due to the breakout of the descending triangle pattern in the background and the downside momentum, I see potential for the further drop towards downside objectives.
Downside objectives are set at $26.000 and $25.140
RSI oscillator is showing negative reading and the downside trend condition, which is good confirmation for the further downside movement.
Resistance level is set at the price of $27.300
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
BTC/USD has been trading downside as I expected and the downside breakout of descending triangle is progressing well. I still see further downside movement towards the downside objectives.
Due to the breakout of the descending triangle pattern in the background and the downside momentum, I see potential for the further drop towards downside objectives.
Downside objectives are set at $26.000 and $25.140
RSI oscillator is showing negative reading and the downside trend condition, which is good confirmation for the further downside movement.
Resistance level is set at the price of $27.300
The material has been provided by InstaForex Company – www.instaforex.com
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