FX.co - BTC update for July 21,.2023 - Potential for the breakout of the supporty cluster

2023-07-21T07:52:14

Relevance until2023-07-22

Technical analysis:

BTC update for July 21,.2023 - Potential for the breakout of the supporty cluster

BTC/USD has been trading downside overnight and I see potential for the breakout of the key support cluster and potential for the further drop.

Due to the fake breakout of the supply trend-line in the background and test of key support cluster at $29.650, I see potential for the further drop.

Downside objective is set at the price of $28.315

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 $30.400

*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 July 21,.2023 - Potential for the breakout of the supporty cluster