We all know BTCUSD
has been on a rally during the past few weeks but what goes up must come down especially when looking at the weekly chart the momentum indicator
and Fisher are high with Fisher getting ready to cross onto the downside. So keep this big trend picture in mind then zoom in and analyse the smaller time frame at 4hr, there is a clear resistant shown by the pink line with MACD
Right now the price is quite close to the resistant level at around 8000 USD and so there is an opportunity to open a short position with good risk:reward ratio.
As to how low it would go, I would just take the lower zone of the pitchfork
and that's around 5600.