FX.co ★ BTC update for August 23,.2022 - Symmetrical triangle in creation

Technical analysis:

BTC/USD has been trading sideways today at the price of $21.400. There is the triangle in creation, which can be a good sign for further downside continuation.

Trading recommendation:

Due to the potential downside breakout of the symmetrical triangle, I see further downside movement.

Watch for potential selling opportunities on the intraday rallies with the downside objective at $19.100.

MACD oscillator is showing negative reading with no signs for the reversal.

Resistance is set at $22.400