FX.co ★ BTC update for August 08,.2023 - Resistance zone on the test

Technical analysis:

BTC/USD has been trading upside yesterday and I found test and reject of the resistance at $29.300, which is good sign for the downside rotation.

Due to the sideways condition and rejection of the resistance at the price of $29.300, I see potential for the further downside rotation towards lowers reference.

Downside objective is set at the price of $28.800 and $28.700

Stochastic oscillator is showing overbought condition and potential for the bear cross.

Resistance zone is set at the price of $29.300