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FX.co ★ BTC update for November 03, 2023 - Fake breakout of the triangle pattern

BTC update for November 03, 2023 - Fake breakout of the triangle pattern

Technical analysis:

BTC update for November 03, 2023 - Fake breakout of the triangle pattern

BTC/USD has been trading downside today and I found fake breakout of the symmetrical triangle in the background and potential for the further downside movement.

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Due to the fake breakout of the triangle pattern in the background and return into the range, I see potential for the further drop towards lower referenes..

Downside objectives are set at the price of $32.000 and $30.850

RSI oscillator is showing reading below 40, which is good sign for the downside condition.

Key resistance is set at the price of $36.000

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