FX.co - BTC update for March 16,.2023 - Extreme bullish condiiton, potential for the drop

2023-03-16T08:32:33

Relevance until2023-03-17

Technical analysis:

BTC update for March 16,.2023 - Extreme bullish condiiton, potential for the drop

BTC/USD has been trading sideways at the price of $24.680 and I see potential for the downside movement due to the breakout of the mini channel.

Due to the extreme bull condition and the downside breakout on MACD I see potential for the downside rotation.

Downside objectives-ares set at the price of $22.650 and $22.300

Stochastic oscillator is showing fresh bull cross but the MACD is still in the downside regime.

Key resistance is set at the price of $26.150

*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 March 16,.2023 - Extreme bullish condiiton, potential for the drop