Based on the weekly time-frame, I found that there is potential for the more downside and larger drop. I found very important Fibonacci expansion 61.8% at the price of $3.800 (main target).
MACD Oscillator is showing downside pressure in the background and it seems that there is no any reversal pattern yet to counter strong selling pressure.
Additionally, I found that BTC is trading inside of the downward channel and below the resistance trend line, which is another good confirmation for our short bias.
Resistance levels are set at:
$7.700
$9.850
