Technical analysis by wjqhwjqh about Symbol BTC: Buy recommendation (2/9/2025)

By analyzing the chart, we can observe how the price entered the range. It initially fell to the support level, which coincides with the buyer zone at the lower limit of the range. After trading around this level for a while, the price fell further into the buyer zone, but soon rebounded and rose to the upper limit of the range. Subsequently, the price reversed and fell back to the buyer zone, where it consolidated for a while before rising back to the range. Shortly thereafter, Bitcoin rebounded to the resistance level, which corresponds to the seller zone, broke out of the range and eventually broke through the 104600 level, setting a new all-time high (109000 points). However, BTC then began to fall within the descending channel, falling below the 104600 level again and falling to the support line of the channel. Although the price tried to recover, it failed and rebounded from the seller zone back to the buyer zone. Subsequently, the price returned to the channel, forming a false breakout and continued to fall within the channel. Given the current structure, I expect that BTC may fall to the support line of the channel and then start a new rise. Based on this outlook, I set the target price (TP) at 101300 points.