FX.co ★ BTC update for November 02,.2022 - Breakout of the rising channel and potential for bigger drop

Technical analysis:

BTC/USD has been trading downside as I expected and there is still potential for further drop. I found the breakout of the rising channel in the background.

Trading recommendation:

Due to the breakout of the rising channel in the background, I see potential for further downside movement towards downside reference level.

Watch for the potential selling opportunities on the intraday rallies with the downside objective at the price of $20.260 and $20.300.

Stochastic oscillator is showing downside fresh bear cross, which is sign that sellers are in control

Key resistance is set at the price of $20.550