FX.co - BTC analysis for August 12,.2021 - Breakout of hte rising wedge and potential for drop towards $42.750

2021-08-12T13:25:42

Relevance until2021-08-14

Technical analysis:

BTC analysis for August 12,.2021 - Breakout of hte rising wedge and potential for drop towards $42.750

BTC has been trading downside and there is the breakout of the inside day formation, which is good confirmation for the downside movement.

Trading recommendation:

The main cause for the recent drop on BTC is breakout of the rising wedge pattern in the background.

Watch for selling opportunities on the rallies with the downside target at the price of $42,750.

Stochastic oscillator is showing bear cross and no extreme condition, which is good sign for further downside moment.

Key resistance is set at the price of $47,000

*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 12,.2021 - Breakout of hte rising wedge and potential for drop towards $42.750