FX.co - BTC update for August 12,.2022 - Watch for the breakout to confirm furtehr direction

2022-08-12T08:28:47

Relevance until2022-08-13

Technical analysis:

BTC update for August 12,.2022 - Watch for the breakout to confirm furtehr direction

BTC has been trading sideways at the price of $24.000 but there is potential for the breakout mode.

Trading recommendation:

Due to the sideways regime on the BTC, I see potential for the breakout mode.

Watch for potential breakout of the key support at the price of $22.700 to confirm further drop.

Downside objective is set at the price of $20.875.

Stochastic is showing downside reading , which is another sign of the weakness on the BTC

Key resistance is set at the price of $24.900

*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 update for August 12,.2022 - Watch for the breakout to confirm furtehr direction