FX.co ★ BTC analysis for October 19,.2021 - Rising wedge pattern in the play

Technical analysis:

BTC has been trading flat at the price of $62,200 and I see potential for the downside correction due to rising wedge pattern in the background.

Trading recommendation:

Due to the rising wedge mini formation in the background, my advice is to focus on the downside breakout and potential re-test of the $59,500 and $57,200

Stochastic oscillator is showing bear divergence and potential for the downside movement.

Key long term resistance is set at $64,800