FX.co - BTC update for September 15, 2023 - Potential for the further downside movement

2023-09-15T08:36:18

Relevance until2023-09-16

Technical analysis:

BTC update for September 15, 2023 - Potential for the further downside movement

BTC/USD has been trading upside in the background but I found exhaustion channel pattern and potential for the downside movement.

Due to the lack of buying power and potential bear wedge formation, I see potential for the further drop towards lower reference.

Downside objective is set at the price of $25.850

RSI oscillator is showing bearish divergence in creation, which is sign that we might see further downside movement.

Key resistance is set at the price of $26.800

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ BTC update for September 15, 2023 - Potential for the further downside movement