FX.co ★ BTC update for November 08,.2022 -First downside target has been reached

Technical analysis:

BTC/USD has been trading downside as I expected and the price has reached the main downside objective at the $18.260. The market reaction from the main support and started to consolidate.

Trading recommendation:

Due to the big down day yesterday and consolidation this morning, I see potential for consolidation day to develop with potential for further downside movement.

In case of the downside breakout of the $17.500, watch for downside opportunities with the next downside objective at $13.590.

MACD oscillator is showing fresh new downside momentum, which is sign that sellers are in control.

Key resistance is set at $20.650