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

Technical analysis:

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.

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