FX.co ★ BTC update for August 14,.2023 - Fake breakout of the support zone

Technical analysis:

BTC/USD has been trading upside this morning and I found fake breakout of the support level at $29.200, which is sign that sellers could be in the trap.

Due to the strong rejection of the support at $29.200 and potential for the fake breakout of the consolidation, I see potential for the further rally towards upside references.

Upside objectives are set at the price of $29.670 and $30.110

Stochastic oscillator is showing bullish divergence and potential for the further rally...

Intraday support is set at the price of $29.000