FX.co - BTC update for August 31,.2022 - Potential for the downside rotation of the resistance

2022-08-31T11:38:44

Relevance until2022-09-01

Technical analysis:

BTC update for August 31,.2022 - Potential for the downside rotation of the resistance

BTC/USD has been trading sideways at the price of $20.300 and i see potential for the the downside rotation towards lower reference point.

Trading recommendation:

Due to the test and reject of the resistance at the price of $20.500, I see further downside movement.

Watch for potential selling opportunities on the intraday rallies with the downside objective at the price of $19.700.

Key resistance is set at the price of $20.500

*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 31,.2022 - Potential for the downside rotation of the resistance