Bitcoin forming massive weekly bear channel with lesser daily bear channel inside

A bear channel usually breaks to the downside (hence the name) and this one is occurring on the weekly chart, making it all the more credible - especially when combined with another one on the daily.

As can be seen in the above, a lesser bear channel (2) is occurring within the greater bear channel (1).

The lesser channel on the daily:

Looking very ominous indeed! This makes it crazy-important for the bulls to defend the 40.000 USD level.

If it breaks downwards - and the statistical probability for that is high - it might take us all the way down to the 200 MA for - hopefully - a bounce back up somewhere in the mid-twenties after some "line dancing".