FX.co - BTC update for August 04,.2023 - Potnetial for the further downside movement

2023-08-04T07:46:35

Relevance until2023-08-05

Technical analysis:

BTC update for August 04,.2023 - Potnetial for the further downside movement

BTC/USD has been trading sideways at the price of $29.150 but I see potential for the further downside movement.

Due to potential completion of the ABC upside correction, I see further downside movement towards lower references.

Downside objectives are set at the price of $28.950 and $28.755

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

Key resistance is set at the price of $29.380

*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 04,.2023 - Potnetial for the further downside movement