Btcusd techinical analysis.

This chart shows the Bitcoin (BTC) / USD 1-hour timeframe on OKX, with several technical analysis elements:

Key Observations:

1. Price Action:

Current price: $117,334.1, showing a −2.14% decline.

Price has dropped from around $123,000 down to $117,000, indicating a sharp bearish movement.



2. Harmonic/Pattern Zones:

The chart contains harmonic pattern structures with Fibonacci ratios:

The large upswing has a retracement level of 0.9655, nearly a full retracement.

A downward channel/retracement touches 0.8416, indicating a deep pullback.

Another smaller retracement at 0.3716, a shallower correction.




3. Support and Resistance Zones:

Multiple horizontal purple zones mark areas of past price reactions:

Around 121,000, 119,000, and 117,000 levels.

Price is currently testing the 117,000 support zone.




4. Projected Price Path (Yellow Arrows):

The projected movement shows a potential bullish recovery:

Minor pullbacks are expected, followed by higher highs.

The target appears to aim back toward the 119,000 – 120,000 resistance zone.




5. Icons on Chart