FX.co - BTC update for November 10,.2022 - Strong downside momentum and potential for further drop

2022-11-10T07:46:29

Relevance until2022-11-11

Technical analysis:

BTC update for November 10,.2022 - Strong downside momentum and potential for further drop

BTC has been trading downside as I expected and the price has reached downside objective at $17.000 but there is potential for further drop.

Trading recommendation:

Due to the strong downside momentum and breakout of the key support, I see potential for further drop.

Watch for selling opportunities on the rallies with the downside objective at the price of $14.000.

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

Key resistance is set at the price of $17.225

*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 10,.2022 - Strong downside momentum and potential for further drop