FX.co ★ BTC update for August 16,.2022 - Rising wedge pattern in creation

Technical analysis:

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

Trading recommendation:

Due to the rising wedge pattern in creation, I see potential for further drop.

In order to confirm downside breakout I would like to see price below $23.500

In case of the downside breakout, objectives are set at the price of $22.690 and $20.900.

Key resistance is set at the price of $25.200