FX.co - BTC analysis for October 12,.2021 - Potential for the downside rotation

12 October 2021 at 11:30AM (UTC+0)

Relevance until13 October 2021 at 11:30AM (UTC+0)

Technical analysis:

BTC analysis for October 12,.2021 - Potential for the downside rotation

BTC has been trading sideways at the price of $57,000 but I see potential for the downside movement towards lower references.

Trading recommendation:

Watch for selling opportunities due to upside exhaustion in the background. The downside targets are set at $56,400, $55,900 and $45,600.

Stochastic is showing bearish divergence and potential for the further downside movement.

Key resistance is set at $57,800

*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 October 12,.2021 - Potential for the downside rotation