After staring at the BTC chart for way too long, it's still unclear which direction it wants to head.
There's an argument to be made for continuation upward or a correction.
Here are two of the scenarios I can see playing out.
In one the price continues to fall and we have a correction now. This would probably take us to the 40-46k range. Though I think going all the way down to 40k would be unlikely.
If we are able to move back up I can see us heading towards 70k before falling.
There is another situation that I didn't chart where we move upwards, don't reach the previous high then start coming down. This would essentially form a head and shoulders pattern. If that occurred I would expect a more serious correction, taking us down to 40k or lower.
Current 50EMA is 55700. GG..... BTC