FX.co - BTC update for August 22,.2022 - First target reached and potential for further drop

2022-08-22T08:29:04

Relevance until2022-08-23

Technical analysis:

BTC update for August 22,.2022 - First target reached and potential for further drop

BTC/USD has been trading downside in the background as I expected. The price reached the first downside objective at $21.000.

Trading recommendation:

Due to the strong downside momentum and potential for bigger drop,selling opportunities on the rallies is best strategy under current condition.

Watch for potential selling opportunities on the intraday rallies with the downside objective at $19.000.

Stochastic oscillator is showing fresh bear cross, which is showing potential for further downside movement.

Key resistance is set at the price of $25.155

*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 22,.2022 - First target reached and potential for further drop