FX.co ★ BTC update for October 16, 2023 - Upside breakout of the consolidation

Technical analysis:

BTC/USD has been trading upside today and I found breakout of the multi day tight consolidation, which is good sign for the further rally.

Due to the strong momentum in the background and defined upside trend, I see potential for the further growth towards the upside reference.

Upside objective is set at the price of $28.700

RSI oscillator is showing bullish trend and positive reversal in the background, which is another sign for the upside continuation in the next period.

Support is set at the price of $27.000