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

2022-08-02T08:50:57

Relevance until2022-08-03

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

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