FX.co ★ BTC update for August 26,.2022 - Breakout of the symmetrical triangle and potential for bigger drop

Technical analysis:

BTC/USD has been trading downside as I expected. There is the breakout of thee tight consolidation and triangle, which is very good confirmation for further downside movement.

Trading recommendation:

Due to the breakout of the triangle pattern and strong supply in the background, I see further downside movement.

Watch for potential selling opportunities on the intraday rallies with the downside objectives at the price of $20.800 and $19.000.

Stochastic is downside reading with no evidence for the reversal....

Key short-term resistance is set at the price of $21.900