 BTCUSDT: Bearish Momentum Persists Amid Downtrend Channel!
2024-10-09

Hi guys, The BTCUSDT pair on the 1-hour chart shows clear signs of persistent bearish pressure. The price action continues to respect the descending channel, indicating that sellers are still in control of the market. After failing to break above the upper boundary of the channel several times, the pair is currently trading around $62,413, indicating limited recovery potential.

As long as BTCUSDT remains confined within the descending channel and below the 34-89 EMA zone, the bearish outlook is likely to continue. The immediate target is around $60,500, with further downside possible if the decline accelerates.

What do you think about this idea? Let me know your ideas in the comments section below!