FX.co - BTC update for November 08,.2022 - Breakout of the rising wedge pattern in the background

2022-11-08T09:42:50

Relevance until2022-11-09

Technical analysis:

BTC update for November 08,.2022 - Breakout of the rising wedge pattern in the background

BTC/USD has been trading downside and I found the breakout of the rising wedge pattern in the background, which is sign that sellers are in control.

Trading recommendation:

Due to the breakout of the rising wedge in the background, I see potential for further downside movement.

Watch for potential selling opportunities on the intraday rallies with the downside objective at $18.700 and $18.260.

MACD Oscillator is showing fresh downside reading, which is sign that downside momentum is increasing.

Key resistance is set at the price of $21.500

*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 November 08,.2022 - Breakout of the rising wedge pattern in the background