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05.08.202214:12 Forex Analysis & Reviews: BTC update for August 05,.2022 - Breakout of the downside channel

Technical analysis:

Exchange Rates 05.08.2022 analysis

BTC/USD has been trading upside today and I found the breakout of the downside channel, which is good sign for further upside movement.

Trading recommendation:

Due to the breakout of the downside channel and upisde momentum in the background, I see potential for further upside movement.

Watch for potential buying opportunities on the intraday dips with the upside objective at $24.550.

Stochastic is showing bull cross, which is another sign for further rally.

Key support is set at the price of $22.500

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert of InstaForex
© 2007-2022
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