BTC - Price At Major Support - Watch Out For The Break

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has fallen from the $11700 level as anticipated and was able to break that $9000 structural support level . Price has now broken and closed under the 200 day simple moving average , which confirms a weak market and further downside potential. The descending trend-channel target is $5000 and is still valid. Now price has a major decision to make, we are re-testing the bottom of the ascending trend channel from last year that price has continually respected. I'm not so confident price will be able to respect the channel this time, and a break down here will be a major signal for a continuation of the bear market.

This was my idea from the last time we tested this channel just over a month ago:

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