Bitcoin is clearly in a fantastic setup for long positions. It is being held by the 0.786 fib level, and if you trace it back you'll notice that prices had faltered around this area in the past. Now would be a solid entry point into a mid-long term buy. However it could still continue lower to the next support zone. Once BTC breaks the descending trend line prices will surely go higher. Prices will most likely slow down around the blue horizontal line of resistance, but the breaking of that line will only strengthen the upside potential of the upward movement.