When we look at the Bitcoin's half hour chart, we can see the reverse pennant formation clearly.
Steep fall on August 29th started the bearish pennant formation. After that move, price of BTC seems forming the pennant pattern. Now we are almost ending the formation and getting ready for another steep downtrend.
Target of this move is around late 8700's or 8800's. I think we will see the formation completion in a few days.