Technical analysis by ClassicallegendFx about Symbol BTC: Buy recommendation (18 hour ago)

The BTC/USDT chart shows that Bitcoin has recently rebounded from the support level near 106,000, maintaining its movement within a rising parallel channel. The current price action suggests renewed bullish momentum. Key Levels: Resistance Zone: Around 115,000–116,000, acting as the next major profit target for buyers. Support Level: Around 106,000–107,000, where previous price drops have been absorbed by strong buying interest. Mid-Channel Support: The price is currently testing the lower boundary of the ascending channel, suggesting a possible continuation of the uptrend. Technical Outlook: After a short-term correction, the price has bounced back from the lower trendline, showing buying pressure around the channel’s support. The dotted bullish projection indicates a potential rally toward the upper resistance zone if the price holds above the lower boundary. The trend structure remains bullish, supported by higher lows and steady upward channel formation. A confirmed breakout above 112,000 could accelerate momentum toward 115,000–116,000. However, if Bitcoin breaks below 106,000, it may invalidate the bullish pattern and shift bias toward consolidation or further downside. Conclusion: Bitcoin (BTC/USDT) is currently in a bullish recovery phase. As long as the price stays above the support level (106,000) and within the ascending channel, the target remains the resistance zone near 116,000.