People saying BTC will drop to 8K doesn't understand how strong resistance that pink line was all year long and finally broken up to the upper channel and bounced back from a long term support. Now this pink resistance will act as a very strong support and BTC need to test it. Which is approx at 11500 level. Once it bounces back from the support it will be bullish again. However if it falls below this support which was a year long strong resistance then I don't think 8k is going to hold it. People looking at linear chart and pulls out this arbitrary number based on previous high. I do not think 8k is a valid bottom. Either it is 11.5 or it is much lower.