FX.co - BTC update for October 21,.2022 - Breakout of the triangle pattern

2022-10-21T07:13:25

Relevance until2022-10-22

Technical analysis:

BTC update for October 21,.2022 - Breakout of the triangle pattern

BTC/USD has been trading downside. I found the breakout of the triangle pattern on the hourly time-frame, which is sign that sellers are in control.

Trading recommendation:

Due to the breakout of the symmetrical triangle and downside momentum this morning, I see potential for the downside continuation.

Watch for the potential selling opportunities with the downside objectives at $18.200 and $16.000.

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

Resistance is set at the price of $19.300

*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 21,.2022 - Breakout of the triangle pattern