Bitcoin Low Timeframe Downtrend: Sweep to $62K Next?

Since almost hitting $67K ten days ago, the $BTC price has entered into a short-term timeframe downtrend, making consecutive lower highs and lower lows. Is this downtrend going to continue, bringing the price down to the $62K area?

Down to retest the bull market trendline?

Source: TradingView

The short-term time frame chart shows the two lower highs and lower lows so far for the $BTC price. If this sequence is going to continue, it would be expected that the current price level will come down to test the bull market trendline at the very least.

The bearish head and shoulders pattern is still very much in evidence. The price has advanced several times now to the neckline of the pattern, and as can be seen, it has been rejected on every occasion. The last time the price rose it was also rejected by the top of the descending channel, making this resistance once again.

If the $BTC price comes straight down from here, the descent could be arrested at the bull market trendline. $63,250 and $62,250 are the horizontal support levels.

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