BTC: Bearish flag or local reversal for a deeper pullback?

Price nicely rejected the 18200 level and started moving towards the bottom of the range that has been forming since around the 10th of November. After this initial leg down price has slowed down and started to consolidate around the 16700 area. I will be still interested in scaling in this short and keep the current position open, if one of the two scenarios below present itself:
1. Bearish flag formation with break and retest of the flag to the downside - ideally after reaching and rejecting the 4H-mrs level
2. Deeper pullback to 17100 with multiple rejections and LTF bearish momentum

If none of these two comes to fruition and my levels are invalidated, I'll then be on the sidelines waiting for more price action to develop.

Lets see how this turns out!!
Merry Christmas to you all!