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The price has been moving within a clear downward channel since the middle of the month, where the channel has formed a price range between descending resistance and descending support.
Currently, the price is testing the lower boundary of the channel near the levels of $115,000 after a strong downward wave. A candle with a long lower wick has appeared, which may reflect a rejection attempt of the break by the buyers.
If the price maintains this support, we may see a rebound towards the upper limit of the channel ( around $119,000).
If the channel is broken downwards firmly, we may enter a deeper drop phase towards the next support levels such as $112,500 or even $110,000.