FX.co ★ BTC update for October 12, 2023 - Broken triangle pattern to the downside

Technical analysis:

BTC/USD has been trading downside as I expected and the downside breakout of descending triangle is progressing well. I still see further downside movement towards the downside objectives.

Due to the breakout of the descending triangle pattern in the background and the downside momentum, I see potential for the further drop towards downside objectives.

Downside objectives are set at $26.000 and $25.140

RSI oscillator is showing negative reading and the downside trend condition, which is good confirmation for the further downside movement.

Resistance level is set at the price of $27.300