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).
Comment:
The bear flag broke down just as I was about to publish the idea
Comment:
I extended the bottom of the bear flag because it seems like that was a fake breakdown, the BTC price quickly went back up.
