FX.co ★ BTC update for September 19,.2022 - First downside target has been reached, potential for bigger drop

Technical analysis:

BTC/USD has been trading downside as I expected. The price tested our first downside objective at the price of $18.550. I see potential for further drop.

Trading recommendation:

Due to the strong downside trend in the background and breakout of the support at $18.500, I see potential for the bigger drop.

Watch for the potential selling opportunities on the intraday rallies with the downside objective at $17.700.

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

Key resistance is set at the price of $20.200