FX.co ★ BTC update for September 16,.2022 - Potental breakout of the triangle pattern for future downside movement

Technical analysis:

BTC has been trading sideways at the price of $19.755 but I see symmetrical triangle pattern in creation, which is sign for potential downside continuation.

Trading recommendation:

Due to the strong downside pressure in the background and symmetrical triangle pattern in creation, I see potential for further downside movement.

Watch for the selling opportunities in case of the breakout of the triangle pattern.

Downside objectives are set at the price of $19.475 and $18.500.

Stochastic oscillator is showing fresh downside cross from the overbought zone, which can be good sign for the further downside continuation.

Key resistance is set at the price of $20.400