FX.co - BTC update for October 31,.2022 - Breakout of the downside channel and potential for bigger growth

2022-10-31T11:26:39

Relevance until2022-11-01

Technical analysis:

BTC update for October 31,.2022 - Breakout of the downside channel and potential for bigger growth

BTC/USD has been trading upside as I expected and there is potential for the further growth towards upside references.

Trading recommendation:

Due to the breakout of the channel in the background, I see potential for further growth.

Watch for the potential buying opportunities on the intraday dips with the upside objectives at the price of $21.050 and $21.420.

MACD oscillator is showing decreasing in the momentum to the downside and potential for the upside rotation.

Key support is set at the price of $20.460

*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 31,.2022 - Breakout of the downside channel and potential for bigger growth