Bitcoin - Further price declines imminent

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After testing the bottom of the channel, BTC retraced to the 38.2 fib and was rejected. Watch out for a retest of support around 8,000 which should also be near the bottom of the channel again. After that, a strong move up is likely. However, it's possible we fall through the bottom of what I have displayed and test 6,000 again. This could take 3-5 weeks to play out in my opinion.
Comment: FYI im using a log chart for weeks
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