FX.co - BTC update for October 06,.2022 - Brekaout of the rising wedge in the background

2022-10-06T06:16:22

Relevance until2022-10-07

Technical analysis:

BTC update for October 06,.2022 - Brekaout of the rising wedge in the background

BTC/USD has been trading downside this morning and I saw breakout of the rising wedge pattern and rejection of the key resistance at $20.400.

Trading recommendation:

Due to the breakout of the rising wedge pattern, I see potential for further drop towards lower reference levels.

Watch for selling opportunities on the intraday rallies with the downside objectives at $20.130, $20.000 and $19.775.

Stochastic oscillator is showing bearish divergence in the background, which is another sign that buyers lost power.

Key resistance is set at the price of $20.445

*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 October 06,.2022 - Brekaout of the rising wedge in the background