FX.co - BTC update for October 13,.2022 - Breakout of the rising channel and potential for further drop

2022-10-13T07:33:21

Relevance until2022-10-14

Technical analysis:

BTC update for October 13,.2022 - Breakout of the rising channel and potential for further drop

BTC/USD has been trading downside as I expected and the price is getting closer to the downside objectives.

Trading recommendation:

Due to the strong downside pressure in the background and breakout of the rising channel, I see potential for further drop.

Watch for the potential selling opportunities on the rallies with the downside objectives at the price of $18.870 and $18.520.

Stochastic oscillator is showing fresh downside cross, which is good sign for further downside movement.

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 13,.2022 - Breakout of the rising channel and potential for further drop