I cannot find anything specifically on the blink pattern, I suspect it simply serves to say the device has encountered an error. If it goes into recovery mode successfully, I would attempt to make a recovery drive (either USB or SD card) and proceed with recovery.
The only thing to note is that it will wipe all data presently stored on the device since recovery reinstalls the operating system. Although with a Chromebook I might be less concerned with that since storage is typically minimal and often documents are stored in the cloud and backups are fairly. You can verify that by logging into the affiliated google account and checking for important files before you proceed with recovery.