Technical analysis:
BTC/USD has been trading downside and I found the breakout of the rising channel in the background, which is good sign for further downside movement.
Trading recommendation:
Due to the breakout of the rising channel in the background , I see potential for the further drop towards lower references.
Watch for the potential selling opportunities in case of the downside breakout of the support at $16.700
Downside objectives are set at the price of $16.115 and $15.600
MACD oscillator is showing downside momentum, which is strong sign that sellers are in control.
Key resistance is set at the price of $17.500