BTCUSD Downtrend Channel, Good chance to make a bounce from here

If this downtrend channel stands true, we should make a bounce from here to test 50k resistance or 21 EMA resistance. If we do go lower and break this channel, I would speculate a flash crash. But I believe we are more likely to make a bounce from here and test 50k resistance because we are Oversold on both the Daily RSI and STOCH. If we do test 50k Resistance and we manage to break above it, then we would have a good chance to test top of pink channel.

On our Weekly Timeframe. Things look very bearish if we can't make it above 21 Weekly EMA.