FX.co - BTC update for August 19,.2022 - First target reached and potential for further drop

2022-08-19T08:13:13

Relevance until2022-08-20

Technical analysis:

BTC update for August 19,.2022 - First target reached and potential for further drop

BTC has been trading downside as I expected. The price has reached the first downside objective at $22.600 and is heading towards next targets.

Trading recommendation:

Due to the strong supply and broken rising wedge pastern, I see further drop in play.

Watch for potential selling opportunities on the intraday rallies with the downside objectives at $21.000 and $19.000.

MACD oscillator is showing fresh new momentum to the downside, which is another confirmation of the momentum.

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

Analytical expert

Petar Jacimovic

FX.co ★ BTC update for August 19,.2022 - First target reached and potential for further drop