So what does this all mean? For now, if you’re long, sit tight ad enjoy the ride. If you’re worried about BTC getting a bit overextended here (A very rational concern at this point), and fear a larger correction, put in some stop losses around the previous levels of support we’ve been watching (11600 or 10000). However, keep in mind, a retest of the previous top near 20k is not outrageous given where we are trading right now. Just a 50-55% move and we are back at 20k.
Regarding fibs, check out these links
I lump fibs into same category as Elliott Waves. We can find charts and make it fit, but it's mostly confirmation bias. Never use it as a sole reference point. Remember this, technical analysis is just the study of supply and demand. Markets are not driven by a mysterious or mystical force that relies of the magic of the Fibonacci ratio.
1. A correction in price action can be to literally ANY degree. At this time BTC is around 12800, a move to 11600 would be about a 9% change. That's a small correction.
2. Fib retracement from all time highs? Not sure what you're pointing to exactly, feel free to drop a link or pic in a comment.