BTC is entering into a downward channel and should be popping towards $9,000 area once it breaks out of it. BUT if it should break below the support of the channel, it can get ugly. So set your stop losses kids.
As you guys can see here, a upward channel is present and BTC is within the channel or potential bull flag. A break of $7,600 would send it rocketing, but if it breaks below the channel support, we can see it testing major support zone again.