After It settled around $160-200, 1 year accumulation period started. (January and October 2015)
It created a new at the end of accumulation period (Green channel)
Until Bitcoin reached $20k, all of the retraces (7 times) found support at 0.618 fib.
If we found support at 0.618 fib ($12.347) we could say that bull trend still in play. Now trend turned like 2014 market.
After the first low at $6k, it retraced 0.618 fib ($11.350) and rejected again.
I think we are ready to find new lows before start a new rally. Potential new low should be around $4500 then we can go and test $11k again. (0.618 fib of new low)
When we draw lines (blue) from the 2014 top to the tops of 2017 trend (Pink channel), you can see the supports around
$6400 (still alive)
In the current we also have and big .