On the 1D Bitcoin chart we can see a formation of the bearish triangle. We can see as the ascending support the saved the price from falling three times, as the horizontal resistance from which the price rejected three times, as well. In such cases we usually see a decline of the price. If the price dump more, I see the bottom in the range of $8270 - $8300, because it is one of the strongest supports at the moment. Moreover, there are too many traders who expect the price to drop lower than $8000, which also strengthen my opinion. In my opinion, in case of dump, the level of $8200 - $8300 would be the best for gaining LONG position.
Let's take a look at the market locally:
We can see that the BTC has broken the support (now resistance) and now re-testing this resistance. Moreover, this dump absorbed the whole upward movement and fixed below the $9600 level, which tells us about downward priority on the market. The target of this local down-trend will be described above zone of $8200 - $8300 from where we can expect a reversal. By the way, in case the market now will go upward and fix above the $10000 level, the decline to the $8000 area will be postponed for an indefinite period.