30% down after breaking 200 MA on the weekly. This particular percentage downward has occurred twice before, after breaking 200 MA. Using a trend based fib extension the 1.618 mark is not far of from above mentioned bottom target.
Leaving potential buy zones between 17900 and 15500.
We shall wait and see what the mark has to offer.
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Considering global market conditions - I cannot be confident about a full reversal in this area. Regardless this remains a great opportunity to partially start buying for longer term holders.
In my opinion max pain for a short squeeze will be in the area of 18K and 20K. Then after, perhaps 12k as the entire world seems to be chanting so.
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If history were to repeat, we should make our way back up to 0.618 before another major sell off leading us on to the next bull market rally.
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finally we have made it up to the 0.618.
If again price action should continue in a similar pattern as history tells us, the price of BTC would now make its way back down to the 1.414
if we use fib retracement from low 155XX to current wick high at 49XXX, price should reach back down to the 0.786 ($23180)