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19.08.202210:13 Forex Analysis & Reviews: BTC update for August 19,.2022 - First target reached and potential for further drop

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Technical analysis:

BTC has been trading downside as I expected. The price has reached the first downside objective at $22.600 and is heading towards next targets.

Trading recommendation:

Due to the strong supply and broken rising wedge pastern, I see further drop in play.

Watch for potential selling opportunities on the intraday rallies with the downside objectives at $21.000 and $19.000.

MACD oscillator is showing fresh new momentum to the downside, which is another confirmation of the momentum.

Key resistance is set at the price of $25.000

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