If BTC fails to hold its current support level of $16.6K then it seems likely that we will see it fall to $12k or potentially lower. Personally I won't try catch the exact bottom but rather begin DCAing into BTC around $14K and below. This scenario could be invalidated with a reclaim of $18.2k and a continuation up but it makes more sense to see the range lows...
Ideally I would like to see BTC reverse near the 40k level to maintain a healthy longterm uptrend but I can't ignore the possibility of a dip into stronger resistance at 30k. This is not a chart to trade by. I plan on accumulating BTC for years to come and this is the current levels I am looking to purchase BTC for my spot holdings. Obviously this is just my take...
IMO we could bounce from ~$2300 before $ETH sees another leg up to the $3k level. I don't expect this to happen overnight considering $ETH has been performing well the past week, but I do expect it pump after a few days of cooling off and establishing a support floor.
Fibonacci levels drawn from previous ATH to its lowest wick. Resistance levels: 0.786 - 55k 1 - 58k 1.272 - 62.3k (new ATH)
BTC established strong support at the 43-45k levels and now looks ready to reclaim ATH price. Our next leg up would put us into price discovery zone, so everyone take profits where comfortable and do not try to short the top of this thing! This is not financial advice but merely my perspective of what's to come. Trade safely.