FX.co ★ BTC update for March 08,.2023 - Breakout of the bear flag pattern

Technical analysis:

BTC/USD has been trading downside as I expected. The price did breakout of the bear flag pattern in the background, which is good sign for the further downside movement.

I see potential for the further drop towards lower references.

Downside structural objectives are set at $21.500, 20.750 and $19.500

Stochastic and MACD oscillators are showing downside reading with no evidence for the change in trend behavior.

Key resistance is set at the price of $22.550