BTC Cautious of 4 Hour Bear Flag

After a fresh round of Binance FUD about a letter received from the government,
BTC is attempting to establish a base of support to try and bounce from to form the higher low on the daily.
The news is not significant in my opinion and the bulls need to see a 4 hour higher low and higher high to negate the flag.
You can compare it to the last bounce attempt and see how similar the current setup is before that drop occurred.
I highlighted $8,300 as the ideal level for the bulls to hold to remain strong on the daily chart.
Another leg down will decrease the odds of daily continuation to higher highs, so bulls want to turn around momentum.
Still very cautious and all cash as a bull as we do not have much conviction at this point.