Weekly logarithmic chart above shows possibilities of decline, based on past corrective moves after overpricing this pair.
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That chart shows past retrace after overpricing in 2013 (well beyond 75% level, when You use candles instead of line)
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The same for 1st half of 2013 year and overpricing @ around 250$
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So now everyone intrested in investing, or only with speculation should choose, which level is convenient 3000?, 2500?, 1900?, 1250?, or maybe lower like in case of other shitcoin retraces (88 or 95% retrace)? Nah, i choose mainly 1250 and 75% retrace, but 1900 and 61,8% will be also tempting. Let's observe market (many weeks or many months of observation if this scenario will happen). Good luck!
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See also similar behaviour of my favoured altcoin XEM
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As i observe bounce from 3000, there is other lesson from the past to be learned by me.
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38,2 fibo retrace level (made from 0 to 2900) and bounce from it is similar to bounce from 3000 level now.
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So support of 2900-3100 area is key to the succes of bulls, if BTC form here double bottom, or tripple bottom, or if he will make ISHS or triangle or flag formation in range 3000-5000, uptrend will continue, but if area 2900-3100 will be broken (especially close of Daily candle significantly under that area) bears will take the full power.
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See also my comments on XEM, and how to use every retraces, to accumulate this gem in bear market (if he will come)