FX.co ★ BTC update for February 27,.2023 - Potential for the further drop

Technical analysis:

BTC/USD has been trading downside as I expected and the market has reached downside objective at $23.000 in the background. Anyway, During the overnight session, I found that there is the breakout of the upside channel and rejection of the multi Fibonacci levels, which is good sign for the further downside movement.

Downside objectives are set at $223.955 and $22.500

Stochastic and MACD oscillators are showing fresh downside cross, which is another good sign for the further downside movement.

Key resistance is set at the price of $23.800