Technical analysis by ScramblerG about Symbol BTC: Buy recommendation (7/17/2025)

Bitcoin has broken out of a multi-week descending wedge on the 4H chart — a classic bullish reversal pattern. Price is now consolidating just above $116,818 support, forming a base for the next leg up. What Just Happened: Clean breakout above the wedge resistance Strong momentum candle above $111,862 Immediate rejection near $122,341 Currently retesting the previous breakout zone Key Levels: Resistance: $122,341 Support: $116,818 → key short-term level Breakout Support: $111,862 Deeper Support: $105,189 Invalidation Level: $97,205 Bullish Outlook: If BTC holds $116,818 and breaks above $122,341 with volume, the next leg could extend toward $128,000–$132,000. Bearish Risk: Losing $116,818 with volume → look for retest near $111,862 or even $105,189 for a stronger bounce. Bias: Bullish above $116,818 — watching for consolidation before continuation. Trade Setup (if planning to enter): Entry on retest of $116,818–$117,000 SL: Below $114,000 TP1: $122,341 TP2: $128,000 TP3: $132,000 DYOR | Not Financial Advice