FX.co - BTC update for October 13, 2023 - Potential for the further downside movement

13 October 2023 at 9:25AM (UTC+0)

Relevance until14 October 2023 at 9:25AM (UTC+0)

Technical analysis:

BTC update for October 13, 2023 - Potential for the further downside movement

BTC/USD has been trading sideways at the price of $26.800 but I see potential for the further downside movement towards the lower reference.

Due to the breakout of the descending triangle pattern to the downside, I see potential for the further drop towards lower reference.

Downside objective is set at the price of $26.000

RSI oscillator is showing negative trend and reading below 50, which is good sign for the further downside movement.

Resistance level is set at the price of $27.400

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ BTC update for October 13, 2023 - Potential for the further downside movement