Btcusd techinical analysis.This chart represents the Bitcoin (BTC) / USD price action on a 1-hour timeframe, with technical analysis indicators suggesting a bullish outlook.
Key Elements in the Chart:
1. Current Price:
BTC is trading at $113,506.5, up +1.98% on the 1-hour chart.
2. Support and Resistance Zones:
Support Zone (purple box around ~$112,000): Recently tested and held, now acting as a potential base.
Resistance Zone (purple box around ~$113,800 to ~$114,000): Price is currently consolidating just below this zone.
3. Trendline:
A rising blue trendline is acting as dynamic support, showing upward momentum.
4. Projected Price Action (Blue Arrow Path):
The blue path suggests a potential bullish breakout from the resistance zone.
Implies consolidation, retest of support/trendline, and continuation upward—a common bullish flag or pennant pattern.
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Interpretation:
The chart setup is bullish, expecting:
Retest of support near $113,200–$113,400
Break above the $114,000 resistance
Potential rally continuation beyond $114,000 (toward $115,000 or more)
Caution:
If BTC fails to hold the trendline or drops below the support zone (~$112,000), this bullish setup may be invalidated.
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