empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

08.08.202213:12 Forex Analysis & Reviews: BTC update for August 08,.2022 - Breakout of the downside channel and potential for bigger rally

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.

Technical analysis:

Exchange Rates 08.08.2022 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

Petar Jacimovic
Analytical expert of InstaForex
© 2007-2024

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



You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off