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We have been in an ascending channel since April 1st. Today's drop from the bull trap is sitting precariously at the bottom support which it tested a couple of days ago already.

Two scenarios:
1. We may bounce upwards from here but seems quite unlikely given the bearish sentiment and trend indicators bearish across the board. However, there are probably a lot of newly opened shorts that might push us slowly upwards if stop losses are hit.

2. We break the channel trendline which will mean the first target is $7.8k, if that doesn't hold we will probably be retesting $6.5k level
Comment: Channel held and large breakout. Now we wait to see if it can break out of the current descending trednline. Break above $8850 will probably confirm a move to the previous high support at $9350

Comment: I also updated my chart colours. Got tired of staring at red, was making me feel angry haha
Comment: Dropped out of the channel :/
In my experience ...this type of channel generally runs about a full width and by your chart if it should do that then the bottom sure looks close to that 6k to 6.5k....on the upside it could run to 11k or test that 11.7 level we had in early March....this being a daily chart then the move up or down could take a few weeks or more ...but volatility being what it is with btc - i suspect a short side would be quicker as it would draw panic sellers to act. ....tough place to be if we look back to end of November 2017 when this price was the point of no return for that bull run to 20k...

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