FX.co ★ BTC update for August 07,.2023 - Bear flag pattern in creation

Technical analysis:

BTC/USD has been trading sideways at the price of $29.000 and I found that potential bear flag pattern in creation adn potential for the downside continuation.

Due to the downside swing in the background and potential completion of the bear flag, I see potential for the further drop towards lower references.

Stochastic oscillator is showing fresh bear cross, which is another good sign for the further lower prices.

Downside objective is set at the price of $28.800