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FX.co ★ BTC update for August 02,.2022 - Potential for the upside movement and the breakout of the channel

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Crypto Analysis:::2022-08-02T08:50:57

BTC update for August 02,.2022 - Potential for the upside movement and the breakout of the channel

Technical analysis:

BTC update for August 02,.2022 - Potential for the upside movement and the breakout of the channel

BTC/USD has been trading downside this morning but I see potential exhaustion and the space for the rally.

Trading recommendation:

Due to the lack of selling power around the price at $22.900, I see potential for the rally.

Watch for buying opportunities in case of the upside breakout of the channel.

Upside objectives are set at the price of $23.450 and $23.917

Stochastic is showing oversold condition and fresh bull cross, which is good sign for the further rally,.

Key support is set at the price of $22.650

Analyst InstaForex
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