Bitcoin was in an ascending channel (green channel) for a long time then broke out above it. If Bitcoin continues to drop I believe will see it find support on the top of the green channel which places it around $4500-5000 . If it fall's further I can see it playing in the green channel for some time at round $2500-3000. When play time is over we could see it break out of the channel once again and makes it's way back up.
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I'm still bearish on bitcoin (not long term). I posted this chart February 8th and while the majority of people were saying bitcoin's bullish I called a bull trap. Sure enough the price dropped once again.