FX.co ★ BTC analysis for 01.16.2020 - Is this end of the upward correction ? Watch for selling opportunities

Industry news:

In a Jan. 15 announcement on Binance's Japanese support website, the exchange revealed it would restrict access to residents of Japan at an unspecified later date.

The restriction is said to be implemented gradually, with details to be revealed later, according to the announcement.

Currently, there are no restrictions in place and Japanese users are able to operate the exchange normally.

Binance was previously headquartered in Japan after exiting China. As Cointelegraph reported in March 2018, the exchange moved its operations to Malta following an official warning by Japanese regulators due to its lack of a national exchange license.

Technical analysis:

Bitcoin has been trading inside of the consolidation at the price of $8.677 and potential for the further downside movement. I do see potential completion of the upward cycle, which is a sign that selling is in play... Watch for selling opportunities and targets at the price of $8.470 and $8.186.

MACD oscillator did show big decreasing to the upside momentum, which was one of the main reasons for most recent downside swing.

Resistance levels are seen at the price of $8.700 and $8.888

Support levels are set at the price of $8.560, $8.470 and at the price of $8.186.