BTC broke out of the lower bound of the channel it has been forming since the big rally up from 4k. However, strong buying volume brought the price back into the channel very quickly. I think we will soon see whether we head back towards the 4600 level around the 0.5 Fib level. If we do see a strong bounce back towards the upper channel the rally may still be intact, but I think there's a strong case for a continued drop over the next few weeks as we break through the green ichi cloud and move towards 4600. The Bitfinex news is not good for crypto as a whole and could be a catalyst in making this drop possible.