FX.co ★ BTC update for November 11,.2022 - Potential for further downside continuation

Technical analysis:

BTC/USD has been trading downside this morning. I found rejection of the key resistance at the price of $18.200. I see potential for further downside movement.

Trading recommendation:

Due to the rejection of the resistance cluster in the background and strong downside condiiton, I see potential for further drop.

Watch for the potential selling opportunities on the intraday rallies with the downside objective at $15.700.

Stochastic oscillator is showing overbought condiiton, which is sign that buyers went into intraday extreme condition.

Key resistance is set at the price of $18.200