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06.10.202208:16 Forex Analysis & Reviews: BTC update for October 06,.2022 - Brekaout of the rising wedge in the background

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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

Petar Jacimovic
Analytical expert of InstaForex
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