Bitcoin is now testing the 6-month channel’s T/L resistance confluence with the 78.6% Fib of the move down from the ATH to the August low.
A break above the channel will signal the end of a half-year consolidation from the ATH to the August low hence opening new all-time highs.
From an R/R perspective, being short here against resistance makes sense because the channel might hold the price for much longer.