It looks like there is hidden bearish divergence happening on the 4-Hour chart (red lines on price combined with red lines on RSI) for BTC. To me, this signals a likely continuation of the bearish trend in the short term (although I am always glad for a different analysis; if so please leave a comment).
If the bearish divergence is the case, it looks like it might indicate another short-term drop but it might be small as it trends upward in the current downward channel (red dashed lines, there is still a bit more to be gained to reach the top of the channel). The red downward channel definitely is looking like it is forming a nice bull flag, but so far no other indicator I can see looks to give that confirmation (although I am open to opinions in the comments here as well).
It should be interesting to see how much of a drop might occur if indeed one were to occur. But if so, I am curious if the channel will accelerate based on the rate of that divergence or if the bullish trend (white line, which is just the top line moved downward) will prevail.
If the bearish divergence is the case, it looks like it might indicate another short-term drop but it might be small as it trends upward in the current downward channel (red dashed lines, there is still a bit more to be gained to reach the top of the channel). The red downward channel definitely is looking like it is forming a nice bull flag, but so far no other indicator I can see looks to give that confirmation (although I am open to opinions in the comments here as well).
It should be interesting to see how much of a drop might occur if indeed one were to occur. But if so, I am curious if the channel will accelerate based on the rate of that divergence or if the bullish trend (white line, which is just the top line moved downward) will prevail.