FX.co - BTC update for August 18,.2022 - Breakout of the rising wedge and potential for the bigger drop

2022-08-18T08:46:05

Relevance until2022-08-19

Technical analysis:

BTC update for August 18,.2022 - Breakout of the rising wedge and potential for the bigger drop

BTC/USD has been trading downside and I found the breakout of the rising wedge pattern in the background.

Trading recommendation:

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

Watch for potential selling opportunities on the intraday rallies with the downside objectives at $22.600 and $20.960.

MACD oscillator is showing downside reading with no evidence for the reversal, which is good sign for further downside continuation.

Key resistance is set at the price of $25.180

*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 18,.2022 - Breakout of the rising wedge and potential for the bigger drop