Bitcoin is in a downtrend.
After reaching a new a new low ($45,467), BTC bounced back into the middle of the channel and into the value area. With momentum and volume, the naked POC (TP1) or the POC (TP2) may be touched, and a bounce back into the channel and downward may ensue.
Conversely, if the VAH is flipped, we may see acceptance into a new channel with the possibility of higher highs.
Happy trading.
-Melonfarmer