FX.co - BTC update for September 05,.2022 - Potential breakout of the multi day triangle pattern

2022-09-05T12:22:05

Relevance until2022-09-06

Technical analysis:

BTC update for September 05,.2022 - Potential breakout of the multi day triangle pattern

BTC/USD has been trading downside this morning and I see potential for the brekaout of the well defined triangle pattern.

Trading recommendation:

Watch for the breakout of the triangle pattern to confirm further downside continuation.

Downside objectives are set at the price of $19.000 and $18.000

Stochastic is showing overbought condition and fresh bear cross, which is sign that we might see downside movement.

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 September 05,.2022 - Potential breakout of the multi day triangle pattern