Bitcoin Retests Buyer Zone Inside an Ascending Channel

Jul 17

Hello traders! Here’s my technical outlook based on the current BTCUSDT (1H) chart structure. BTCUSDT previously formed a Rounding Bottom, signaling the end of the previous decline and the beginning of a bullish recovery. Price later entered a broad ascending channel, repeatedly reacting between the 62,300 Buyer Zone and the 64,000 Seller Zone, confirming a well-defined trading range. Currently, BTCUSDT is trading above the 62,300 Buyer Zone after pulling back from the 64,000 Seller Zone. The lower boundary of the ascending channel continues to provide support, suggesting buyers may attempt another recovery. As long as BTCUSDT remains above the 62,300 buyer zone and holds the support of the ascending channel, the bullish scenario remains valid. I expect a bounce from the 62,300 support zone to the 64,000 seller zone (TP1). Please share this idea with your friends and click "Boost" 🚀

Jul 19

Trade closed: target reached

We can see that while the support holds and the price continues to move inside the ascending channel, the target has been reached!