FX.co ★ BTC update for November 02, 2023 - Breakout of the triangle pattern

Technical analysis:

BTC/USD has been trading upside and I found breakout of the trading range in the background, which is good sign for the further upside continuation.Anyway, for the confirmation I would like to see re-break of the $36.000 level.

Due to the breakout of the trading range and strong upside momentum this morning, I see potential for the further rally towards the next upside reference.

Upside objective is set at the price of $37.000

RSI oscillator is showing upside reading above 60 level and trend range to the upside.

Alternative scenario is for thee price to do fake breakout and to trade below $34.000, in that case potential for the downside towards $32.300 would be in the play.