BTC/USDT 30M Chart

🔹 Asset: Bitcoin (BTC/USDT Perpetual Futures)
🔹 Timeframe: 30M (30-Minutes)
🔹 Exchange: MEXC

📊 Market Overview:
BTC remains in a strong downtrend, respecting a descending trendline. Recent price action suggests a potential short-term reversal or pullback, contingent on bullish confirmation at the marked reversal area.

📉 Key Technical Insights:
✅ Lower Highs & Trendline Resistance: BTC is struggling to break above a key diagonal resistance, reinforcing the bearish structure.
✅ Reversal Area: A key demand zone has been identified around $83,500 - $83,000, where buyers may step in.
✅ Candle Confirmation Needed: A bullish engulfing or hammer candlestick formation in the reversal area could signal a pullback towards $84,500 - $85,000.

📌 Potential Trade Scenarios:
🔻 Bearish Continuation: If BTC fails to hold the reversal area, further downside towards $82,500 or lower is likely.
🔺 Short-term Bullish Reversal: A confirmed bullish candlestick formation could push BTC back to $85,000, where sellers might re-enter.

📢 Final Thoughts:
BTC is in a downtrend, but a temporary relief rally is possible if strong bullish confirmation appears at the support zone. Traders should wait for price action signals before entering.

🔔 Stay alert and manage risk wisely! 🚀