Bitcoin Technical Position: Absolute Key Decision AreaBitcoin / TetherUSBINANCE:BTCUSDTPrinciplesofmathprobAs we anticipated in the previous Idea about Bitcoin (check for more context), it was going to drop and now it is trading at the lower part of the channel where the attraction is to the bearish target and the channel floor/support at the same time. Here we can see what the important Low is that would allow placing a sell stop just below it in case we decide to enter long. The target is necessarily at the upper part of the channel, playing for the middle does not pay. We never enter blind unless we are desperate to trade. We wait for a bullish reaction that confirms to us that selling was exhausted in the area and buying entered in imbalance. To understand what a Confirmation is, look at the ATR. Right now it sits at 3300. Divide it by 3, that gives us 1100. A reaction smaller than 1100 is insignificant. 1100 is the minimum necessary to confirm that there are more buyers than sellers in the area. But what if support fails? Then, at a minimum, we are going to see this: A continuation of the previous trend, and this whole bull channel will become a mere correction in a bear. If you ask me what I'm thinking, I think is going to break lower. I would be surprised if this becomes the bottom of the bear market.