BTCUSDT Long: Targets 65,000 Following Demand Zone Reaction

Jun 4

Hello traders! Here’s my technical outlook based on the current BTCUSDT (3H) chart structure. BTCUSDT had been trading inside a broad descending channel after rejecting from a key pivot point near the top of its recent high. Earlier, price consolidated within a sideways range and broke out higher, but the rally stalled at the peak, initiating a prolonged downtrend where sellers regained control.

Currently, BTCUSDT is trading below the 65,000 supply zone while holding above the 61,500 demand zone. Price recently experienced a sharp breakdown below the descending channel and sliced straight through the 65,000 level, creating an aggressive downward breakout before finding a new pivot point at the lower support.

As long as BTCUSDT remains above the 61,500 demand zone and continues to respect this new pivot point, a short-term bullish pullback scenario remains valid. A recovery bounce could push price upward to retest the 65,000 supply zone (TP1). Manage your risk!

Jun 5

Trade active

We are seeing the first attempts to stop the fall and attempts to recover. There were 2 bounces from the support line we defined. So I hope that buyers will be able to restore the price to our target!

Jun 8

Trade closed: target reached

We can see an indicator of $64,200, which is quite a good result after the price fell below support!