Bitcoin Has Potential For Further Drop Towards Lower Reference Levels

JP Morgan Chase Received A License For Its Digital Wallet Brand

Technical analysis:

Exchange Rates 06.10.2022 analysis

BTC/USD has been trading downside this morning and I saw breakout of the rising wedge pattern and rejection of the key resistance at $20.400.

Trading recommendation:

Due to the breakout of the rising wedge pattern, I see potential for further drop towards lower reference levels.

Watch for selling opportunities on the intraday rallies with the downside objectives at $20.130, $20.000 and $19.775.

Stochastic oscillator is showing bearish divergence in the background, which is another sign that buyers lost power.

Key resistance is set at the price of $20.445

 

Relevance up to 08:00 2022-10-07 UTC+2 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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JP Morgan Chase Received A License For Its Digital Wallet Brand

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