I expect BTC to continue to pullback over the next few days. Two possible fibnonacci support zones.
First zone is possible but has not traded before. Limited probability that it will hold strong enough to bring buyers to it's implied target. I suspect we might see a sizable bounce there but the buy zone will eventually be breached indicating Scenario 2 should play out.
Scenario 2 to me is most likely. This Fibonacci buy zone has traded multiple times already. Its anchor is in the 1200 area and provided support for the May sell-off and August / Sept. China ban selloff.
How long it takes for each scenario to play out? I don't know. These are just some level I am looking at to see how prices behaves when and if we get there.
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Recent headfake. Brief new highs followed by steep sell off. Retesting our recent lows is very likely after quick retrace higher.
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In Our first buy zone for Scenario one to possibly playout. Potential for decent bounce down here for a 50% retrace of the sell-off.
I expect us to continue down to the scenario 2 buy zone.