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Forex Analysis & Reviews: 08/05/2022

Relevance up to 12:00 UTC+00

Technical analysis:

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

Trading recommendation:

Due to the breakout of the downside channel and upside 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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert of InstaForex
© 2007-2022

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