BTC/USDT (Bittrex) Where are we going?

I'm noticing a similar pattern from what happened on Jan. 15th. 35% drops followed by recovery within bearish channel. Waiting to see what happens at the 8400ish level. Once past that it still has to break well past the greater channel. I'm watching the Feb 28-Mar 1st area to see what happens there (channel border) as well.

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See updated idea below for further detail and zoom out.

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For reference sake, red line to watch is 8500.