FX.co ★ BTC update for October 07,.2022 - Downside targets reached and potential for further drop

Technical analysis:

BTC/USD has been trading downside as I expected and the price has reached targets at $20.130 and $19.990. Anyway, I see potential for further downside movement due to the strong downside momentum.

Trading recommendation:

Due to the strong downside momentum in the background and breakout of the rising wedge in the background, I see potential for further downside..

Watch for the potential selling opportunities on the rallies with the next downside objectives at the price of $19.766 and $19.190.

MACD oscillator is showing fresh downside momentum, which is good sign that sellers are in control.

Key resistance is set at the price of $20.450