FX.co ★ BTC update for May 30,.2022 - Breakout of the downside channel

Technical analysis:

BTC has been trading upside today and there is the breakout of the downside channel in the background, which is good sign for further rise.

Trading recommendation:

Due to the breakout of the well-defined downside channel, I see potential for further rally and test of the upper references.

Watch for buying opportunities on the intraday pullbacks with the upside objectives at the price of $31.900, $34.000 and $37.345.

Stochastic oscillator is showing fresh bull cross, which is another sign for the downside movement.

MACD is showing upside reading, which is good confirmation for further rally.

Key support is set at the price of $25.500