Btcusd techinical analysis.Bitcoin/USDOKX:BTCUSDRickypherThis 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. --- 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. Would you like a trading strategy (e.g., entry/exit levels or risk management) based on this setup?