FX.co - BTC update for August 03,.2023 - Breakout of the bear flag pattern

2023-08-03T08:25:36

Relevance until2023-08-04

Technical analysis:

BTC update for August 03,.2023 - Breakout of the bear flag pattern

BTC/USD has been trading downside today and I found breakout of the bear flag pattern, which is good sign for the further downside movement.

Due to the breakout of the bear flag pattern and the strong momentum to the downside, I see potential for the further drop toiwards lower reference.

Downside objective is set at the price of $28.700

Stochastic oscillator is showing downside reading with no major sign for the upside rotation.

Intraday resistance is set at the price of $29.250

*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 August 03,.2023 - Breakout of the bear flag pattern