This week started with more selling in the markets. The Nasdaq Biotech ETF $IBB continued to fall from last week's high around 119 to close the 2/5 session at 107.18. IBB Daily Chart(click to enlarge)Rising Channel:- The daily chart shows that IBB has been bullish since forming a price bottom in 2016. - 2017 was the year that price started to rally out of this price bottom and into a rising channel.- As we can see on the daily chart, as price approaches the 105 handle, it will be challenged by a rising channel support.- Price is also inside the 200-, 100-, and 50-day simple moving average (SMA) cluster. - A bullish market should at least hold above the green, 200-day SMA, foriving some a brief break like in Nov and Dec. 2017. Sharp Knife:- While we can see the support factors around 105-106, we should note that the dip recently is like a sharp falling knife. - We should avoid heavily relying on the support around 105 to hold.- Instead, I think we should anticipate a possible dip to 100 .I think this is a more important support. This is what separates the 2016 consolidation price bottom with the 2017 rally. - A break below 100 would challenge the 2016 price bottom. A hold above 100 would maintain the 2017 mode of a bullish trend.