FX.co ★ BTC update for December 29,.2022 - Breakout of the trading range to the downside

Technical analysis:

BTC/USD has been trading downside as I expected. I found the breakout of the well defined trading range in the background, which is good sign for futher downside movement.

Trading recommendation:

Due to the strong downside trend in the background and the breakout of the trading range, I see potential for the further drop.

Watch for the potential selling opportunities on the rallies with the downside objectives at $16.300 and $15.600.

MACD oscillator is showing downside reading, which is good sign for further bearish movement.

Key resistance is set at the price of $16.760