04.08.202218:37 Forex Analysis & Reviews: Near term analysis on Bitcoin.

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Black lines- short-term bullish channel

Purple rectangle- short-term support

Bitcoin has formed a confirmed solid base around $22,600. Price has tested this level several times but bears were unable to break below it so far. Price remains inside the upward sloping short-term channel. A break below the purple support area will open the way for a move towards the lower channel boundary near $21,000. Resistance is at recent lower high around $23,490. Price is moving lower but short-term trend remains bullish with price forming higher highs and higher lows since the low at $17,600 back in June.

Alexandros Yfantis
Analytical expert of InstaForex
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