Btcusd techinical analysis.

This chart displays the Bitcoin (BTC/USD) 3-hour price action with several technical indicators and patterns annotated. Here's a breakdown of what it shows:

Key Observations:

1. Price Action:

BTC is currently priced around $116,386, showing a -2.93% drop.

A strong downtrend has formed after a significant upward move, possibly forming a bearish ABCD pattern.



2. Harmonic Pattern:

The chart appears to reflect a completed harmonic retracement, with a deep retracement (near 0.88 Fibonacci level).

This suggests a potential reversal or bounce zone.



3. Support & Resistance Zones:

Several purple horizontal boxes indicate key support and resistance zones.

The current price is approaching a major support zone near $114,000–$115,000, which has been tested previously (visible on the left side).



4. Trend Lines:

A pink downward trend line suggests ongoing bearish momentum.

Price may need to break above this line to confirm a reversal.



5. Yellow Zig-Zag Path:

Indicates a possible bullish reversal scenario, predicting a bounce off the lower support zone followed by a move upward.



6. Event Markers:

Red circular icons (with flags) near the support zone hint at upcoming fundamental news/events that may influence price action.





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Interpretation:

Short-term bias: Bearish until strong support holds (~$114,000–$115,000).

Possible trade setup: Watch for bullish reversal signals at support (candlestick patterns, RSI divergence, etc.) before entering long.

**Risk