Bitcoin has found itself in a nasty downward channel back to bear territory, but I believe there is hope to get out of the channel. Bitcoin has found support along the dotted pink line. If the price were to continue along this support line, it would run directly into the upper boundary of the channel. We will see how strong the support is there because if it can hold, we might result in a falling wedge and break to the upside out of the channel. Time will tell. A breach of this support line would send us further into bear territory. We'll discuss those options if and when it comes to it.