FX.co ★ BTC update for December 18, 2023 - Potential for the further drop

Technical analysis:

BTC/USD has been trading downside in the background and I found breakout of the support level at $41.580, which is good sign for the further downside movement.

Due to the breakout of the support level and RSI reading below 50, I see potential for the further drop towards lower reference.

Downside objective is set at the price of $40.200

RSI oscillator is showing reading below the 50 level, which is sign that downside pressure is present.

Key intraday resistance is set at the price of $41.600