FX.co ★ BTC update for May 24,.2022 - First downside target has been reached at $29.520, potential for bigger drop

Technical analysis:

BTC has been trading downside as expected and the market reached first downside target at the price of $29.520. I still see further downside movement and potential second target on the test at $28.650.

Trading recommendation:

Due to the strong downside cycle in the background and broken upside channel, I see potential for further drop.

Watch for potential selling opportunities intraday rallies with the next downside objective at the price of $28.640.

MACD oscillator is showing new fresh downside momentum, which is another confirmation that sellers are in control.

Stochastic Oscillator is showing fresh bear cross, which is another sign for downside movement.