FX.co ★ BTC update for January 06,.2023 - Breakout of the trading range to the downside

Technical analysis:

BTC/USD has been trading downside this morning and I found the breakout of the defined trading range, which is good sign for the further downside movement.

Trading recommendation:

Due to the breakout of the trading range and rejection of the resistance zone, I see potential for the further downside movement.

Watch for the potential selling opportunities with the downside objective at the price of $16.650.

Stochastic oscillator is showing overbought condition and fresh bear cross, which is sign for the further downside movement.

Key resistance zone is set at the price of $16.875