FX.co ★ BTC analysis for February 03,.2022 - Downside continuation in play

Technical analysis:

BTC has been trading downside as I expected. The price is heading towards my downside objectives. Downside momentum still very active.

Trading recommendation:

Due to strong downside momentum in the background and breakout of the contraction and wedge formation, I see potential for bigger drop in next period.

Watch for selling opportunities with the downside objectives at $35,400, $32,950 and $29,630.

Short-term resistance is set at the price of $38,000