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13.03.202310:13 Forex Analysis & Reviews: BTC update for March 13,.2023 - Key Fibonacci resistance at $22.850 on the test

Technical analysis:

Exchange Rates 13.03.2023 analysis

BTC/USD has been trading upside on Friday and I see that key Fibonacci resistance Agreement zone at $22.850 held this morning, which is good sign for the potential downside rotation.

Due to the strong bearish trend on longer frames and test-reject of the key Fibonacci resistance zone, I see potential for the further downside movement.

Downside objective is set at $19.600

Stochastic and MACD oscillators are extreme bull reading and fresh bear cross, which is good sign for the downside movement.

Key resistance is set at $22.850

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Petar Jacimovic,
Analytical expert of InstaSpot
© 2007-2025
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