FX.co - BTC update for March 09,.2023 - First downside objective has been reached, potential for the further drop

2023-03-09T07:26:29

Relevance until2023-03-10

Technical analysis:

BTC update for March 09,.2023 - First downside objective has been reached, potential for the further drop

BTC/USD has been trading downside as I expected, the price has reached the first downside objective at $21.500.

Due to the strong downside pressure and the breakout of the flag pattern, I see potential for the downside continuation.

Next downside objective is set at the price of $20.700

MACD oscillator is still showing downside reading, which is sign that sellers are in control.

Key short-term resistance is set at the price of $22.200

*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 March 09,.2023 - First downside objective has been reached, potential for the further drop