FX.co ★ BTC update for June 28,.2023 - Fake breakout of the resistance zone and potential for the further drop

Technical analysis:

BTC/USD has been trading upside this morning but I saw fake breakout of the resistance zone at the price of $30.600, which is good sign for the further downside movement.

Due to the fake breakout of the resistance zone in the background and supply in control, I see potential for the further downside movement. Breakout of the support at the price of $29.500 can confirm further drop towards lower reference.

Downside objective is set at the price of $26.880

MACD oscillator is showing strong downside momentum, which is good confirmation for the further drop.

Key resistance is set at the price of $30.600