BTCUSDT Short: Rejects Supply Line — 61,7K is the Next Target

Jul 9

Hello traders! Here’s my technical outlook based on the current BTCUSDT (1H) chart structure. BTCUSDT previously traded below a descending supply line after breaking down from a key resistance area, confirming bearish momentum. Buyers later pushed price into an ascending channel, but the recovery stalled near the 63,300 Supply Zone and the descending trendline.

Currently, BTCUSDT is trading above the 61,700 Demand Zone while remaining below the 63,300 Supply Zone. The latest rejection from the trendline suggests sellers are regaining control.

As long as BTCUSDT remains below the 63,300 Supply Zone and respects the descending supply line, the bearish scenario remains valid. A continuation lower could push price toward the 61,700 Demand Zone (TP1). Manage your risk!

Jul 10

Trade closed manually

As we can see, the resistance line has been broken. The price will most likely return to our resistance, which has already become support.