Btcusd techinical analysis.

This Bitcoin (BTC/USD) chart from TradingView illustrates a technical analysis on the 1-hour timeframe. Here's a breakdown of the key elements and possible implications:

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🔍 Chart Overview:

Current Price: $117,997.8

Timeframe: 1-hour candles

Exchange: OKX

Date/Time: July 16, 2025, 05:16 UTC

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🧠 Key Technical Patterns & Indicators:

1. Descending Triangle Breakout Setup:

A descending resistance line (in pink) is converging with a horizontal support level (around $116,000–$117,000).

The price appears to be testing the upper boundary, indicating a potential breakout.

2. Target Measurement:

The blue arrow pointing upward suggests a measured move after a breakout.

Target Price: ~ $120,957.8 (approx. 2.53% move or +2,959.8 points from breakout level)

3. Support Zone:

Strong horizontal support zone marked in purple near $116,000.

This zone has held despite a sharp dip, indicating buyer interest.

4. Previous Trend Channels:

Blue and red channels represent bullish and bearish trends.

Recent bearish

Rickypher

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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Rickypher

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