FX.co ★ BTC update for November 01,.2022 - Breakout of the rising channel and potential for bigger drop

Technical analysis:

BTC has been trading downside this morning and I see potential for further drop towards downside reference points. There is the breakout of the rising channel in the background, which is good sign for further downside movement.

Trading recommendation:

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

Watch for the potential selling opportunities with the downside objective at the price of $20.270.

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

Key resistance is set at the price of $20.675