FX.co ★ Bitcoin analysis for August 8th, 2022.

Black lines- bullish channel

Bitcoin is trading above $23,000 close to $24,000. Short-term trend remains bullish as price continues making higher highs and higher lows inside an upward sloping channel.The RSI has reached overbought levels once again. Price turned lower each time before the RSI reached overbought levels. The upside potential is limited. Bitcoin can move as high as $24,500 over the next few hours, but overall we should expect price pull back towards $22,000. Support by the bullish channel is found at $21,300. Concluding, if one wants to buy Bitcoin, should wait for a pull back towards $22,000-$21,000.