Now if you analyze the on a 1D chart, you can clearly see that the 6500 - 8500 is a high node and we can assume that the redistribution is happening in that zone. And the 50 is a very strong resistance, even though it was pierced 2 days ago, the price came down due to heavy selling and very low demand.
Mostly in the coming days price will come down to 25 which is 7500, if it is not holding, then price will go to the lower end of channel and then come again to test the 50 . If 7500 is holding as a good support, then again we can see a rally to retest the 50 .
This sideways movement within the channel can go for few days and the channel might get narrow also, but one thing which is confirmed is that we will be going down.
Below the channel, the 5500 is a very good support and also is a HVN (High node). Mostly it will hold support and we will have a rally again to retest the 50 , from there it will fall to the next 4600 - 4800 which is also a HVN . This place is crucial, if we are not able hold support there, then we will have a free fall to the next HVN below, which is around 3600. There is no chance for price to go below that level.
From that bottom (4800 or 3600) we will start a fresh new journey for the next Rally, which will be the real Moon (2-3 years)
These will take place over large period of time, check the weekly chart to find the possible bottom.
BTC is making a cup and handle. Read my analysis here
I also think that it is more likely to go down than up.