09.08.202216:19 Forex Analysis & Reviews: Bitcoin analysis for August 9th, 2022.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Black lines- bullish channel

In our previous analysis on Bitcoin we warned traders that a pull back towards $22,000-$21,000 was imminent and highly likely following the signs by the RSI that reached overbought levels. Price yesterday was close to $24,000 and today is challenging $23,000. Bitcoin is now under pressure. There is potential to reach the $21.700-$22,000 level soon as the RSI has still not reached oversold levels. Price is still inside the upward sloping channel and support is found around $21,500-$21,700. At this level we are going to see the first important test for bulls.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2026

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade