We're observing two price resistance levels: one from the 820 level which has served as strong support over the past several weeks, and an upper edge resistance from the longer-term channel. Price is touching the bottom edge of the shorter term channel, but judging by the strength of the longer-term channel resistance as well as the 820 , we are likely to see a breakout within the next few periods.
As with many things bitcoin, TA is not always enough to predict price. The news of Charlie Shrem's arrest (http://www.cryptocoinsnews.com/2014/01/27/charlie-shrem-bitinstant-ceo-bitcoin-foundation-vice-chairman-arrested-new-york/) could perpetuate this new bearish trend. Next price reversal levels are 780 and 760. Not placing trades at the moment as I see no clear signals and price is close to major support levels.