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16.01.202310:25 Forex Analysis & Reviews: BTC update for January 16,.2023 - Main upside objective has been reached and potential for the downside movement

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Technical analysis:

BTC/USD has been trading upside as I expected and the price has reached the main upside objective at $21.000 but I see potential for the downside rotation due to the overbought condition.

Trading recommendation:

Due to the overbought condition and momentum divergences, I see potential for the downside rotation towards lower reference.

Watch for the potential intraday selling opportunities with the downside objective at the price of $19.050

MACD oscillator is showing bearish divergence in the background, which is good sign for the further downside movement.

Key resistance is set at the price of $21.300

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