FX.co ★ BTC analysis for January 05,.2021 - Potential for the bigger drop

Technical analysis:

BTC has been trading sideways at the price of $46,150. There is potential for the bigger drop but the price would need to breakout the key support at 45,500 to confirm downside direction.

Trading recommendation:

Watch for potential selling opportunities in case of the downside breakout of support at $45,500.

Downside objective is set at the price of $42,075

Key resistance is set at $48,560