FX.co - BTC update for February 16,.2023 - Potential for the downside rotation

2023-02-16T08:27:34

Relevance until2023-02-17

Technical analysis:

BTC update for February 16,.2023 - Potential for the downside rotation

BTC/USD has been trading upside and I found the test of the resistance zone at $25.000. There is chance for the downside rotation.

Trading recommendation:

Due to the test of the strong resistance zone I found potential for the downside movement.

Watch for the selling opportunities with the downside objective at $22.400

Stochastic is on the overbought condition and there is the chance for the potential downside movement.

Key resistance zone is set at the price of $25.500

*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 February 16,.2023 - Potential for the downside rotation