Technical analysis by brainiaks about Symbol BTC: Buy recommendation (7 hour ago)

Following the analysis made on December 10, Bitcoin was expected to have a continuation to the upside, with a key support zone around 89,000. The analysis was as follows: “The price level that offers the highest probability for a bullish continuation is a pullback that does not go below 89,000. The key observation is that the decline must not occur with strong momentum in a V-shaped manner. Instead, the price should retrace slowly and gradually, which would indicate a high probability that this zone can hold as support. The next level is around 86,000, which is still acceptable, but the market would likely start forming a sideways structure, increasing the chance that price may dip first before moving higher. The final and least likely scenario is around 84,000. If price tests this area and fails to hold, followed by a breakdown, the market would likely need to move lower before any meaningful recovery.” Price has since retraced and tested the 89,000 level as expected, followed by a strong and impulsive reaction to the upside. This price behavior significantly increases the probability that the previous corrective structure has indeed completed. The next key level to monitor is 94,000. If price can successfully break and hold above this level, Bitcoin would have room to continue higher, with the next upside target around 97,000. However, as long as price fails to break 94,000, a pullback remains possible at any time in the short term.