Bitcoin Has Potential For Further Downside Movement

Bitcoin Has Potential For Further Downside Movement

Bitcoin

Technical analysis:

Bitcoin Has Potential For Further Downside Movement

BTC/USD has been trading downside as I expected and the price has reached the main downside objective at the $18.260. The market reaction from the main support and started to consolidate.

Trading recommendation:

Due to the big down day yesterday and consolidation this morning, I see potential for consolidation day to develop with potential for further downside movement.

In case of the downside breakout of the $17.500, watch for downside opportunities with the next downside objective at $13.590.

MACD oscillator is showing fresh new downside momentum, which is sign that sellers are in control.

Key resistance is set at $20.650

Relevance up to 08:00 2022-11-10 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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