Description
⋅ The bearish price action respects the levels of Schiff's Pitchfork from 62.6k to 51.2k.
FIB Retracement from the same prices shows that 45.5k is the 100% level which is the first destination for the current price action.
The yellow line at 41.99k is the highest point on January 8th which, I assume, will serve as the hard support level.
I draw my purple box as the sideways movement range after the first drop. Though I am doubtful that we will see the 41.99k hard support level.
I am not a professional, this is not investment advice. Please trade at your own risk.