Crypto market took a big hit last week $BTC Alone did a 15% drop. The fear is now taking over as Altcoins market is down over 50% on average since the last peak.
Will the market continue to push down or the worst is over? This is what we will discuss in this article. We will have a look at Bitcoin weekly chart and see what we can expect based on my observance.
Before we Dig into current price action let me share what I said in my last BTC update.

In my last Bitcoin update i mentioned i have not seen BTC doing what it is doing right now in the last 3 bull runs. i Also mentioned that $59-60k zone will be a key zone to hold for bulls on weekly scale.
Last week we saw price broke under $59k and dipped down to $53600
Now Lets take a look at what we can expect next based on charts.
BTCUUSD (Weekly)

Without any doubt Bitcoin clearly broke below the range it was forming for the last 16 weeks. Not being a bias trader we need to accept that the structure on the weekly is broken unless we see the price bounce back above $60k and holds.
What can we expect?
As long as we don't see price bounce back above $60k on the weekly closing basis, You can expect more down side from BTC. The next closet zone we have on the weekly chart is an area between $45k- $51900.

Bitcoin dipping down to this zone can represent a great opportunity to slowly buy if the zone comes.
What is the scenario if price doesn't drop?
For every trade plan there is an invalidation level and just like that if BTC moves back above $60k and it holds up there. This will likely indicate that bears should not expect more downside and flip their bias.
Something like this lets say. 👇

A weekly close back inside the broken range will make this a fake out and price will start to push higher.
BTCUSD (Daily)

When the high timeframe is bearish lower timeframes will always provide bounce in between specifically when everyone starts calling for lower price. Whales take the opportunity to liquidate them. After weekly candle close there were multiple posts people were calling for lower prices and it's always favor the MM's to run the market into opposite direction.
Looking at the daily chart you can clearly see the price is trading below the key daily support and in my opinion this current bounce in market changes nothing.

As long as we don't see this happen i'll be on the bears side. I do not have any reason to be bullish on $BTC knowing the fact that we have a weekly consolidation break down.
I mentioned the invalidation plan as well. I will wait for a better trader opportunity based on weekly scale.

I hope you learned something from this update and i would love to read your thoughts on BTC as well. Let me know what you think.