FX.co ★ BTC update for August 29,.2022 - Supply still strong

Technical analysis:

BTC has been trading downside as I expected. The price has reached the first downside objective at $20.800 and is heading towards next downside objective.

Trading recommendation:

Due to the strong downside trend in the background and no signs for the reversal, I see potential for the further drop.

Watch for potential selling opportunities on the rallies with the downside objective at the price of $19.000

MACD oscillator is showing downside reading, which is good sign for further downside movement.

Resistance is set at the price of $20.800