FX.co ★ BTC update for August 10,.2023 - Bear flag pattern and potential for the further downside movement

Technical analysis:

BTC/USD has been trading downside in the background and I see potential for the further downside continuation.

Due to the breakout of the rising trend line in the background and bear flag pattern this morning, I see potential for the further drop towards lower references.

Downside objectives are set at the price of $29.340, $29.150 and $28.770

Intraday resistance level is set at the price of $29.640

Additionally, there is the double top formation in the background, which is another sign for the further downside movement....