FX.co - BTC update for August 09,.2022 - Bull flag pattern in creation and potential for the upside continuation

2022-08-09T06:26:43

Relevance until2022-08-10

Technical analysis:

BTC update for August 09,.2022 - Bull flag pattern in creation and potential for the upside continuation

BTC/USD has been trading downside today but I see potential for the bull flag pattern, which is sign of possible upside continuation.

Trading recommendation:

Due to thebull flag pattern in creation, I see potential for further rally.

Watch for potential buying opportunities on the intraday dips with the upside objective at $24.550.

Stochastic is showing overbought condition but with no evidence for the reversal.

Key support is set at the price of $23.420

*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 09,.2022 - Bull flag pattern in creation and potential for the upside continuation