FX.co ★ BTC update for August 01,.2023 - Breakout of the triangle pattern to the downside

Technical analysis:

BTC/USD has been trading downside in the breakout and I found breakout of the symmetrical triangle pattern, which is good sign for the further drop.

Due to the strong downside momentum and the breakout of the triangle pattern, I see potential for the further drop towards lower references (Fibbonaci expansion levels)

Downside objectives are set at $28.200 and $27.300

Stochastic oscillator is showing bearish reading with no signs for the reversal, which is good confirmation for the further downside movement.

Key resistance is set at the price of $29.600