Technical analysis by ManiMarkets about Symbol BTC: Buy recommendation (11 hour ago)

BTC: 116K Smashed! 120K Next Target? Bitcoin (BTC) is exhibiting a strong bullish trend on the 4-hour chart. Following a confirmed dou-ble bottom formation around the 108K level, we've observed a sustained upward movement within a defined ascending channel. The recent breakout above the 116K resistance zone is a significant technical development, indi-cating robust buying pressure. This move suggests that previous resistance has now effectively flipped to support. Our immediate focus shifts to the 118K to 120K range. This area represents a critical psychologi-cal and technical hurdle, where we anticipate potential selling pressure or consolidation. Maintaining price action above the 114K support clusters will be crucial for the bullish trend to re-main intact, underpinning further upside potential. Disclaimer: The information provided in this chart is for educational and informational purposes only and should not be considered as investment advice. Trading and investing involve substantial risk and are not suitable for every investor. You should carefully consider your financial situation and consult with a financial advisor before making any investment decisions. The creator of this chart does not guarantee any specific outcome or profit and is not responsible for any losses incurred as a result of using this information. Past performance is not indicative of future results. Use this information at your own risk. This chart has been created for my own improvement in Trading and Investment Analysis. Please do your own analysis before any investments.