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:


---

🔍 Chart Overview:

Current Price: $117,997.8

Timeframe: 1-hour candles

Exchange: OKX

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



---

🧠 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