Bitcoin Has A Potential For The Downside Rotation
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Technical analysis:
BTC/USD has been trading upside as I expected and the price has reached the main upside objective at $21.000 but I see potential for the downside rotation due to the overbought condition.
Trading recommendation:
Due to the overbought condition and momentum divergences, I see potential for the downside rotation towards lower reference.
Watch for the potential intraday selling opportunities with the downside objective at the price of $19.050
MACD oscillator is showing bearish divergence in the background, which is good sign for the further downside movement.
Key resistance is set at the price of $21.300
Relevance up to 09:00 2023-01-17 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
