FX.co ★ BTC update for August 17,.2023 - Breakout of the trading range

Technical analysis:

BTC/USD has been trading downside this morning and I found breakout of the trading range and support at $28.750, which is good sign for the further downside movement.

Due to the breakout of the trading range to the downside and strong bearish momentum, I see potential for the further drop towards lower reference.

Downside objective is set at the price of $27.500

Resistance level is set at the price of $28.760