I had a look at the large down moves of 2018, Bitstamp BTCUSD.
The analysis of large drops in 2018 for Bitstamp BTCUSD shows that on price drops of 40% or more at least a 61.8% retrace takes place. In the 4 drops > 40%, 3 had at least 61.8% retraces and 1 had a 78.6% retrace.
Smaller drops had smaller retraces, out of the 5 drops below 40%, 3 had at least 50% retraces, 1 had 38.2% and another (largest at 37%) 70.5%.
Based on this I expect BTC to bounce from this last drop to 3474 to at least the 61.8% level, price 5370USD.
The analysis of large drops in 2018 for Bitstamp BTCUSD shows that on price drops of 40% or more at least a 61.8% retrace takes place. In the 4 drops > 40%, 3 had at least 61.8% retraces and 1 had a 78.6% retrace.
Smaller drops had smaller retraces, out of the 5 drops below 40%, 3 had at least 50% retraces, 1 had 38.2% and another (largest at 37%) 70.5%.
Based on this I expect BTC to bounce from this last drop to 3474 to at least the 61.8% level, price 5370USD.