This chart displays the Bitcoin (BTC/USD) 1-hour candlestick chart on OKX, featuring a detailed technical analysis using harmonic patterns and chart structures.
Key Observations:
1. Harmonic Patterns:
Multiple harmonic/flag-like patterns are shown, both bullish and bearish.
These include retracements marked with Fibonacci ratios (e.g., 0.747 and 0.871), suggesting price reversal zones.
2. Support and Resistance:
Several horizontal purple lines indicate key support and resistance levels.
Strong support is visible around the 116,800 – 117,000 range.
Resistance appears near the 118,000 – 118,400 range.
3. Ascending Triangle Formation:
On the far right, an orange ascending triangle has formed, a typically bullish continuation pattern.
The blue arrow suggests a projected breakout to the upside, targeting around 118,400.
4. Bullish Reversal Indication:
A reversal (marked by a ⚡ icon) from the lower support zone around 117,000 seems to have initiated an upward move.
The zigzagging blue path shows a bullish scenario of higher highs and higher lows.
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Summary:
The chart suggests bullish momentum building with a likely breakout from the ascending triangle pattern, targeting the 118,400 resistance level. Confirmation of the breakout would ideally come with strong volume and a close above 118,000.
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