BTC/USD - Breakdown confirmed, next steps

BTC has broken down the descending triangle. We failed to maintain the price level above 19k therefore we quickly went down after that price level broke.

Question is now, will BTC continue to go lower and test the previous low at 16.5k or will be slowly grind up again?

This may be a temporary relief after touching Fib 61% level before further down movements, expect at least another attempt down before any confidence can build for an up-trend and reclaim of higher levels.

There may be a bullish case if the next attempt to push the price down fails and we end up with a higher low, somewhere around 17k as indicated by the channel support and Fib 78%. If that is confirmed, then bulls will quickly push the price higher, similar to the pump after testing 16.5k. For now aim for short opportunities, then aim for longs once we confirm a higher low.