FX.co ★ BTC update for October 11,.2022 - First downside objective has been reached, potential for further downside movement

Technical analysis:

BTC/USD has been trading downside as I expected and the price has reached the first downside objective at the price of $18.950. Anyway, I see potential for further downside movement in case of the breakout of $18.950.

Trading recommendation:

Due to the downside momentum and the supply in control I see potential for further drop.

Watch for the potential selling opportunities in case of the downside breakout of the support $18.950 to confirm further drop.

Downside objective is set at $18.550.

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

Key resistance is set at the price of $19.440