Technical analysis by ForexCollege about Symbol BTC: Buy recommendation (12/5/2024)

Bitcoin Technical Analysis: Projected Channel ResistanceI’ve identified a projected channel line that could serve as resistance if the current level breaks. Here’s the strategy:Resistance Breakout: A breakout above the current resistance could lead to an upward movement, guided by the channel height.Pullback Alert: If the breakout doesn’t happen, I’ll watch the support line closely for candlestick momentum signals, which will help assess if a pullback is temporary or a reversal.Watch for breakout confirmation or momentum shifts to decide your next move. Stay prepared for both outcomes!Channels continue to demonstrate their reliability, as seen in how the channel line acted as resistance. Following the price drop, the uptrend line provided support, holding firm for now. While I was optimistic about a stronger rally, this instrument remains a key focus and will definitely stay on my radar.