Bitcoin's long-term support line hovers near $3000

Looking at the channel in the chart below, depicted by the main two white lines, and the one dotted-line as the median line of the channel, we can see that bitcoin's pullback is nearing the lower support line which, given the current trajectory could intersect around the $3000 mark or $2800 depending on how fast it is reached - if tested. That line could be the real bounce the bottom the market is waiting for, while if that line fails then $1800 and $1200 could be the next support target to the downside.

On the other hand, if this longer-term line holds, the market could be back at $10,000 by march 2019, or if the bear market plays out longer, then users may need to HODL until 2020 to recover. Note: the lows of 2015 are a good example of the type of double-bottom that could repeat, where the first bounce is short-lived, something like that could repeat where a recovery towards $6000 becomes temporary, before a lower-low or similar low is reached again where support could be established if the area around $3000 holds.