FX.co ★ BTC analysis for February 23,.2022 - Potential for downsdie continuation

Technical analysis:

BTC has been trading upside in last 24 hours towards the level of $39,500. Anyway, I see the upside movement like corrective and potential for the downside continuation.

Trading recommendation:

Due to strong downside cycle in the background, I see potential for the downside continuation.

Watch for potential selling opportunities in case of the breakout of the mini rising channel.

Downside objectives are set at $36,500 and $35,600

In the background, there is the the big downside momentum, which is indication for the potential downside continuation.

Key resistance is set at $39,500