RSI and price are both fixing to break below key levels. A break below the trend line can lead to major downside in the short term. Especially if we end up below 35k.

Ichimoku Cloud on the daily is leaning bearish . Price has broken beneath the cloud as has the lagging span. Any more down days and the moving averages and kumo are soon to follow.

Weekly chart forming a bear pennant . A similar flag pattern can be seen on the daily chart . Huge selling pressure the past few weeks leaving large upper shadows where sellers have been overwhelming buyers.

Here I want to point out the weekly RSI 45 period weighted moving average ( WMA ). It is currently sitting at 50. Historically, breaks below 50 have signaled bearish price action for 10 weeks to over a year. The shortest one being related to a black swan event at the start of the pandemic.