Stop loss below current uptrend channel seems like a good idea

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Hi fellow enthusiasts,

Just as everyone was looking forward to see BTC taking on the resistance above at around 12000 and the upper wall of the uptrend channel we are in, of course we got served a dive down to test the lower wall of the channel.
As long as it holds actually nothing is that unusual and we should see a slow climb along the lower border or a bounce back up into our area of truth for the bulls.

If there is a breakout to the downside I have no intention to see how low it will go and will move into fiat until we have a clearer view.

What will it be:
1) just a preparation for a powerfull bounce to attack the purple area with momentum
2) start of a couple of days of sideways action/slow climb into the purple area (my best guess)
3) confirmation we are still in a bear market by leaving the uptrend channel

Bets are on :-)

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