Technical analysis by MangoMan4 about Symbol BTC: Buy recommendation (7/16/2025)

BTC has officially broken out of the descending parallel channel that dominated price action from mid-May to early July. After a successful breakout, price pulled back for a clean retest of the channel resistance, which has now flipped to support — a classic bullish continuation signal. 🔹 Key Technical Highlights: ✅ Breakout from descending channel structure ✅ Retest of breakout zone confirmed with strong bullish candles 🔼 Current Price: ~$118,971 (as of chart time) 📈 Short-Term Structure: Following a clean higher-low formation with ascending trendline support 🎯 Target Zone: $128,000–$130,000 (next key resistance area) As long as BTC maintains this ascending support line, the momentum remains with the bulls. Any dips toward the trendline may offer good long opportunities with proper risk management. 📌 Watch for: Rejection near the target zone Bullish continuation patterns like flag/pennant on lower timeframes Volume confirmation during breakout attempts Let the trend be your friend. Trade safe! ⚡