We have a possible head and shoulder formation for bitcoin on the 4 hourly chart which is a bearish formation.
If you are willing to trade short term, keep an eye on BTC, if it breaks $7360 level then most likely it will go down to $7200 fib retracement level 0.786 or retest long support line at $7140. However, BTC is witnessing many bull and bear traps lately so its advisable to keep an eye on BTC for a break below $7360 and trade accordingly.
BTC is strongly rejected by the blue line and it needs to break the line in 2-3 days in order to give bulls a new chance for a reversal and then $7800 fib 0.618 level stands as next resistance line.
Still, i am very bullish on BTC and i do think that we are just few days away from a fresh bull run. There are small signs of reversal, daily RSI is pretty low, stoch signs start of a new run, MACD crossover etc.
Considering the other scenario, if BTC breaks below the long support line at $7100 then decrease might accelerate towards $6600 then. From there, bulls seriously need to defend $6500 level or the higher lows pattern will get invalidated. Things will really darken from there on openeing $5000 levels for BTC. But there is only 10% chance for this scenario to happen.