Following yesterday's update, after a strong move higher BTCUSD could lose momentum and begin to retrace. A move below the breakout lower trendline that also coincides with the $8,000 level could trigger a sell-off.
As the head & shoulders pattern has not been violated, it could still complete that would test an initial target zone of approx. $7,500. With that said, there is still a downside risk that could even overshoot and capitulate towards the $7,000 level.
Short term bias is to the downside for now, however a break above $8,200 would trigger an upside break out pattern that would test the $8,500 level.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
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Head and shoulders neckline has been broken. Further down side risk