FX.co ★ BTC update for May 12,.2023 - Downside breakout of the defined trading range

Technical analysis:

BTC/USD has been trading downside and I found breakout of the multi week trading range, which is sign that sellers are in control.

Due to the breakout of the multi week trading range and no signs for the reversal, I see potential for the further downside movement towards lower reference.

Downside objective is set at the price of $24.580

MACD oscillator is showing fresh new downside reading, which is good sign for the further drop.

Resistance is set at the price of $28.000