FX.co - BTC update for January 05,.2023 - Potential for the breakout of the triangle pattern

5 January 2023 at 8:12AM (UTC+0)

Relevance until6 January 2023 at 8:12AM (UTC+0)

Technical analysis:

BTC update for January 05,.2023 - Potential for the breakout of the triangle pattern

BTC/USD has been trading sideways at the price of $16.825 and I see potential for the upside continuation towards upside reference.

Trading recommendation:

Due to the rejection of the key support zone in the background and symmetrical triangle pattern in creation, I see potential for the further growth.

Watch for the buying opportunities on the intraday dips with the upside objective at the price of $16.980

Stochastic Oscillator is showing oversold condition, which is good sign for further rally

Key support zone is set at the price of $16.765

*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 January 05,.2023 - Potential for the breakout of the triangle pattern