FX.co ★ BTC update for August 05,.2022 - Breakout of the downside channel

Technical analysis:

BTC/USD has been trading upside today and I found the breakout of the downside channel, which is good sign for further upside movement.

Trading recommendation:

Due to the breakout of the downside channel and upisde momentum in the background, I see potential for further upside movement.

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

Stochastic is showing bull cross, which is another sign for further rally.

Key support is set at the price of $22.500