FX.co ★ BTC update for August 17,.2022 - Potential for the breakout of the rising wedge

Technical analysis:

BTC/USD has been trading sideways at the price of $23.800. I see potential for further movement and potential for the breakout of the rising trend-line.

Trading recommendation:

Due to the potential breakout of the rising wedge pattern, I see further downside movement.

Watch for potential selling opportunities on the intraday rallies with the downside objective at $22.600 and $21.000.

MACD oscillator is showing downside momentum, which is good sign for further downside movement.

Key resistance is set at the price of $25.000