04.01.202310:30 Forex Analysis & Reviews: BTC update for January 04,.2023 - Key resistance zone at the price of $16.900 on the test

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical analysis:

BTC/USD has been trading upside this morning as I expected and the price has reached first upside objective at $16.900. Key resistance is on the test and watch carefully price action to confirm further direction.

Trading recommendation:

In case of the breakout and hold above resistance zone at $16.900, watch for buying opportunities with the next upside objective at $17.300

In case of the rejection of the resistance zone, watch for selling opportunities with the downside objective at $16.655

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade