Looking at the chart below, we are well within the channel between 220-310. This is a huge price channel, the bulls and bears can't decide which way it should go. After the spike to 315 from two weeks ago, volume has diminshed in recent weeks. Looking at BFX swap data, USD margin is at 30million while BTC swaps are at very low ~9000BTC. Longs are aggressive while shorts are scared. It is difficult to tell if longs are extended here since we are not able to make new highs with higher USD swaps.
As of today, we can clearly see a bear flag forming on the daily. This is bearish and a continuation pattern. Take a look at the bear flag pattern, also check out the bull flag trading pattern which is better explained. As a trend following trader, I am short and I will continue to follow the trend religiously. I do not know if bears have enough selling pressure to push to new lows below 210.