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FX.co ★ BTC update for August 15,.2022 - Rising wedge pattern in creation

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Forex Analysis

15 August 2022 at 8:57AM (UTC+0)
iconRelevance until16 August 2022 at 8:57AM (UTC+0)

BTC update for August 15,.2022 - Rising wedge pattern in creation

Technical analysis:

BTC update for August 15,.2022 - Rising wedge pattern in creation

BTC/USD is trading downside this morning and there is the bigger rising wedge in the background.

Trading recommendation:

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Due to the strong downside momentum today and the potential for the bigger breakout of rising wedge pattern, I see downside movement.

Watch for potential selling opportunities on the intraday rallies with the downside objectives at $22.700 and $20.875.

Stochastic oscillator is showing bull cross but with no so much progress, which is sign of weak buying.

Key resistance is set at the price of$25.000

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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