Looking at the BTC price action, it appears that a bear flag has been formed, if the price breaks down from here then it could potentially drop 200 points (length of pole) to around $7800, if so my feeling is that it would be the bottom from which BTC will rally upwards (RSI might dip into oversold region twice in a short space... looking at past trends, RSI appears to dip down below 30 at least a few times before a major reversal rally takes place).
Note
The bear flag broke down just as I was about to publish the ideaNote
I extended the bottom of the bear flag because it seems like that was a fake breakdown, the BTC price quickly went back up.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.