FX.co ★ BTC update for October 11, 2023 - Broken triangle pattern to the downside

Technical analysis:

BTC/USD has been trading downside today and I found that there is the breakout of the descending triangle pattern, whch is good sign for the further downside movement.

Due to the breakout of the the consolidation and strong downside momentum this morning, I see potential for the further drop towards lower reference.

Downside objective is set at the price of $26.100

RSI oscillator did showing bearish trend and reading below 40, which is good confirmation for the new downside trend.

Key resistance is set at the price of $28.200