BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
97 1 1
Price will be pulled back to the 4-Hour 500 EMA (now at $275) and probably overshoot it by a few percentage points at least, due to the strong downward momentum, putting it very close to what you have drawn here. So, we are in agreement.

This could take some time to develop, however, and the longer it takes the higher in price the bounce should be, due to upward momentum indicators having ample time to catch up with price. Therefore, I see the bounce happening between about $260 and $320, depending on whether it takes price a day to a week or several weeks to get down into that range.
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