FX.co ★ BTC update for August 08,.2022 - Breakout of the downside channel and potential for bigger rally

Technical analysis:

BTC/USD has been trading upside this morning and I found the breakout of the downside channel in the background.

Trading recommendation:

Due to the breakout of the downside channel and rejection of the rising trend-line, I see potential for further upside continuation.

Watch for potential buying opportunities on the intraday dips with the upside objectives at $24.500 and $30.300.

MACD oscillator is showing new fresh upside momentum, which is good sign for further rally.

Key support is set at the price of $22.800