After the rise to 20k Bitcoin corrected to the expected 61.8% fib retrace level. Then we expected / hoped for a period of consolidation before continuing the meteoric rise, and I think we're kinda getting it.
Today we have South Korea FUD. Lots of official statements from Korea claiming it's all OK, no ban, etc - but still some mistrust and uncertainty obviously remains and is currently keeping the price shy of pre-FUD levels.
I drew a channel that looked like was holding until yesterday, when the wick went under. Shame, but no big deal. This channel is too young and totally ignores the possibility of a bear market, however short. I am not taking it seriously.
We also broke under the large pennant forming (dotted magenta triangle), but only because of FUD and we are now back inside it. Let's see which way we break out of that one! I vote for up!!