BTC decided to break through the long term bullish channel but it's sitting right below it. BTC appears to have done this many times in the past where it breaks through, hovers right below, then makes a jump, like a bear trap on the daily. It did break the channel so chance we drop to the doom and gloom of 3-6k that everyone talks about, but also just as good of a chance we bounce back into the bullish channel and it just retests that as a low.
There is also a trial forming in the channel I highlighted which could prove to be a breakout point.
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Typo: There is also a _Triangle_ forming in the channel I highlighted which could prove to be a breakout point.
This is where the bottom of the long trend channel meets the red descending line