FX.co - BTC analysis for September 01,.2021 - Watch for the breakout of the upside channel

2021-09-01T12:10:57

Relevance until2021-09-02

Technical analysis:

BTC analysis for September 01,.2021 - Watch for the breakout of the upside channel

BTC has been trading upside in last few hours and I see potential for the downside rotation.

Trading recommendation:

Due to tight upside channel and slowdown in the tempo, I see potential for the downside movement.

Watch for selling opportunities if you see the breakout of channel with the downside target at $46,700.

BTC is on the larger downside channel mode.

Stochastic oscillator is showing overbought condition and potential for the downside movement.

*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 analysis for September 01,.2021 - Watch for the breakout of the upside channel