Technical analysis by Peter_Wade about Symbol BTC: Buy recommendation (5/9/2025)

Technical Analysis: Ascending Channel PatternThe asset is exhibiting an ascending channel pattern, indicative of sustained bullish momentum. Key observations include:- Channel Boundaries: The price has consistently respected the channel's upper and lower boundaries, forming higher highs and higher lows.- Breakout and Retest: Following a strong momentum breakout, the price is potentially retesting a key support level, previously acting as resistance.- Support Zone: If buyers confirm support at this level, it may signal a continuation of the uptrend, targeting the upper boundary of the channel at $109,000.Key Monitoring Points:- Bullish Confirmation Signals: Look for bullish engulfing candles, strong wicks rejecting the support zone, or increased buying volume to confirm long positions.- Risk Management: Failure to hold support could signal a bearish shift, emphasizing the importance of monitoring price action and adjusting strategies accordingly.