DISCLAIMER: I am not a financial advisor nor certified analyst. All contents discussed on this blogpost are solely my own personal views and for Trading education/entertainment purposes only . Do your own research and due diligence.

With that being said, let's get into it;

1 Week Timeframe.

Just as I've stated before, there were all chances of the price of BTC going further down as it is now.

Using the 1w Timeframe, we can easily see BTC forming a head and shoulders formation.

During this formation, there was a resistance after some bullish movement which made us retest and go bearish for sometime.

After undergoing this bearish movement, we found ourselves going bullish to the extent that we got to a new highest price which exceeded $60000 respectively.

Going on with the formation, we then eventually went bearish as we found ourselves priced below $50000. Retesting on the now formed support zone, we finally got some bullish movements

Nothing much, which eventually landed us at our new resistance zone. At this point, most people started to think that we're finally over with the bearish movements. But unfortunately, that's not it.

Once on the resistance zone, we went bearish yet again. This is the point we're we are today. I'll say there are still all chances of going even more bearish, but not for so long, as we head towards the support zone.

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Until Next Time, Peace.