FX.co - BTC analysis for August 11,.2021 - Rising wedge in creation, potential for the drop towards $42.750

2021-08-11T12:11:21

Relevance until2021-08-12

Technical analysis:

BTC analysis for August 11,.2021 - Rising wedge in creation, potential for the drop towards $42.750

BTC has been trading sideways at the price of $45,900. Anyway, I see potential for the drop towards $42,750.

Trading recommendation:

I found the rising wedge pattern in creation, which is sign that buyers losing power and that sellers might take control.

Watch for selling opportunities on the breakdown with the first target at $42,75.

Resistance is set at the price of $46,600

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ BTC analysis for August 11,.2021 - Rising wedge in creation, potential for the drop towards $42.750