FX.co - BTC update for January 18,.2023 - Potential for the breakout of the upside channel

2023-01-18T08:23:34

Relevance until2023-01-19

Technical analysis:

BTC update for January 18,.2023 - Potential for the breakout of the upside channel

BTC/USD has been trading sideways at the price of $21.250 but I see potential for the downside breakout of the upside channel.

Trading recommendation:

Due to the potential exhaustion from buyers, I see potential for the downside movement towards lower references.

Watch for the potential breakout of the upside channel to confirm further direction.

Downside objective is set at the price of $20.270

Stochastic oscillator is showing overbought condition, which si good sign for the downside movement.

Key support is set at the price of $21.400

*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 18,.2023 - Potential for the breakout of the upside channel