FX.co ★ Bitcoin analysis for August 9th, 2022.

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.