FX.co ★ BTC update for September 12, 2023 - Fake breakout of the support

Technical analysis:

BTC/USD has been trading downside this morning but I found fake breakout of the key support at the price of $25.700, which is strong sign for potetnial uspide rotation.

Due to the strong sideways condition and fake breakout of the support zone, I see potential for the further higher price towards upside reference.

Upside objective is set at the price of $26.320

MACD oscillator is showing weak momentum, which is very common in the heavy consolidation regime.

Key intraday resistance is set at the price of $25.300