We just fell back into a significant trading channel that started forming in December (Green channel). The upper Green line would have been support as long as we stayed above it.
More importantly, we fell back into the primary trading channel that started in March 2017. We broke above this for the first time around November 1st, and haven't been there since.
The heavy orange line is the primary support from September to present.
We are currently working on making the "Deep V" which BTC has become known for. I've highlighted a few of the previous ones. Once we bounce from this V, I think it will be a very significant bounce. Because we dropped so far, I'm not ready to say it will lead to new highs. However, it should be enough to make people feel a bit better, and also a bounce large enough to profit from.