FX.co ★ BTC update for July 21,.2023 - First downside objective has been reached, potential for furtehr downside movement

Technical analysis:

Gold has been trading downside as I expected and the price has reached first downside objective at $1.970. I still see potential for the further downside movement.

Due to the fake breakout of the swing high at $1.981 in th background and the downside momentum, I see potential for the further downside movmeent towards lower reference.

Downside objective is asset at the price of $1.960

Stochastic oscillator is showing fresh downside flip, which is another good sign for the further downside movement.

Key resistance is set at the price of $1.973