Price Top-Flag: After topping action, bitcoin has been in choppy pullback. the structure of the rally in the past few sessions is corrective (possibly a flag pattern), suggesting that the dominant mode in the short-term is still bearish.BTCUSD 4H Chart 1/2/2016(click to enlarge)Bearish Outlook: At this point if price falls back below 425 it should break from the flag pattern and open up at least the 400 handle. Resistance: There is some upside risk towards 440, where we should expect resistance again. Also note that the 4H RSI is approaching 60 and if the prevailing bearish momentum were to remain, then there would likely be a bearish cycle after the RSI turns down from 60. Short-term vs. Medium-term: The bearish outlook is the dominant mode in the short-term, but we should note that the medium-term mode has been bullish. Therefore, let's limit the bearish outlook for now to 400 and see what happens there. It is quite possible that the current bearish outlook will end there and a bullish outlook would have the 467 high on the year back in sight.