Looking at the BTC 4-hour chart, you can see that the price has remained in the pink channel since BTC started its correction. It has failed to make a higher high after several tries. Each attempt has been met by resistance at the top of this pink channel and has failed to break through. I think this is significant. If Bitcoin fails to break this channel, we may see another big correction to lower support areas whether it be at the bottom of the channel, one of the Fib retracement levels, or even one of the trend lines. I think the green support area indicated shows several good areas for reversal. A reversal in this area would be a healthy BTC correction and it would allow some of this Bitcoin to flow into the alts which are at severe lows if not all-time lows. I will be waiting for BTC to break this channel. I think that would be my first indication that BTC is ready to make higher highs and go on another run.
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BTC making some positive moves. I expanded my original channel which is where this latest pump found resistance. A break of this pink channel would mean a higher high and be a very bullish sign to me. Keep your eyes peeled.
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Took longer than expected, but we finally got the dump
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BTC looking quite bearish now. I will be looking for it to continue to fall to the green uptrend support level around $8500/.5 Fib retracement level.