FX.co - BTC update for October 12,.2022 - Breakout of the rising channel in the background

2022-10-12T12:12:24

Relevance until2022-10-13

Technical analysis:

BTC update for October 12,.2022 - Breakout of the rising channel in the background

BTC has been trading sideways at the price of $19.125 but I see potential for the downside movement towards lower references.

Trading recommendation:

Due to test and reject of the key resistance at the price of $19.200, I see potential for the downside rotation.

Watch for the potential selling opportunities with the downside objectives at $19.000 and $18.900.

Stochastic oscillator is showing fresh bear cross, which is sign that sellers are taking control over buyers.

Key resistance is set at the price of $19.200

*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 12,.2022 - Breakout of the rising channel in the background