FX.co - BTC update for February 28,.2023 - Potential for the further drop

2023-02-28T09:36:31

Relevance until2023-03-01

Technical analysis:

BTC update for February 28,.2023 - Potential for the further drop

BTC/USD s been trading downside as I expected and the price did break the upside channel in the background.

Due to the downside cycle and the breakout of the upside channel in the background, I see potential for the further drop.

Fiboancci downside objectives are set at $22.750 and $22.330

MACD and Stochastic oscillators are showing downside reading, which is sign that sellers are in control.

Price is trading below displaced moving averages, which is another sign that sellers are in control.

Key intraday resistance is set at $22.600

*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 February 28,.2023 - Potential for the further drop