BTC: Putting the dump in perspective

A lot of calls to 5k again, BTC dumped a few hundred $, people are getting very bearish.

When in doubt, zoom out. What does the larger degree trend say?

So far:

• BTC still in an uptrend channel
  
• Moving averages pointing up (50/200, 4-hr)
  
• Dump volume and velocity is a fraction of what it was in the bear market
  

Does it mean we can't go down? Sure we can. 8k isn't out of the question. But my bets are that we find a floor soon, then sideways, then rise.