BTC/USD Update: Bears digging in

BTC took another sharp dive, nearing its long-term channel support (green line; downtrend). Most recent 4h candle closed back above our mid-term channel support (white lines; uptrend) which is encouraging, however volume is still so bad. A push toward $8600+ is possible but it will be difficult. May get rejected by median BB. If support is not able to hold (what had previously shown to be a strong support has now been compromised), then $7850-7950 would be our targets.