I mentioned in my $BTC update that i do not have enough data yet to say that $50k drop was the bottom and this chart is also the reason.

We had a very volatile week on Crypto market, Bitcoin dropped from $60k to $48k ish on Monday and came back to $61k it all happened in a week.
Some traders lose money and some made it but now the question is what can we expect next on $BTC and the rest of the market.
We will start from the weekly chart and then drop it down to the lower timeframe to deeply check what's going on and what we can expect based on charts. So let's dive into it.
BTCUSD (Weekly)

Bitcoin dropped down to a key weekly demand zone + the psychological number $50k and it provided a really nice bounce.
Looking at this chart Bitcoin looks absolutely fine as long as price is holding above this $50k-52k zone. You can say it was a good opportunity to long BTC and play the move.
BTCUSD (Weekly) Previous Support becoming resistance
This weekly chart has a different story, Btc was ranging above $59k-$60.7k when we saw this fakeout below the range and price provided a sharp move up squeezing the bears who shorted under $60k

Despite a beautiful weekly candle it was failed to hold above $60k-61k and this creates a confusion whether we pay attention to the bullish candle only or the $60k level.

Was That $50k Drop was bottom?
I always say one candle isn't enough to decide what the future will be and i am not that kind of guy who like to call tops are bottoms i talk based on data and i do not have enough data to be confident that $50k was the bottom unless we see price starts holding above $60k.
But there are some signs that we can consider and it's that this move down wiped out so many high leverage longs and paper hands. it was a proper capitulation and based on this we can expect that this move down was the bottom.

Since we have a good weekly candle that wiped out so many bears and paper hands it's better we just ignore where is the top or bottom and plan our trades based on the available data.
So let's plan it out.
BTCUSD (Daily)
Looking at the weekly candle the first scenario i have in mind is get in when price go above above this $60k zone

if price can reclaim back above this zone and holds i think it can provide a move up. The longer price hold above it the likely it will squeeze up.
BTC (Second scenario)
Or it gives the pullback down to the area where this sharp move up came. This can also provide a good trade setup.

I personally don't want to trade in between knowing the fact that the world situation is still not settled and chart is still not that good, just one big green candle and price coming down again. I'll give it time and wait for a better execution. I do not like to chase the market.