The drop in BTC
has been deeper than expected, it seems that we are facing a major retracement. However, this shouldn't take much longer since we are right now at the 1.618 fibo extension (from highs to lows at 22nd december), and the fibo fan plotted from lows in January 2015 to all time highs in December 2017 shows a major support line right now at 6000 USD. A general bounce is expected from this level if we look at the chart in logarithmic scale (which we understand is more realistic due to the growth rates of this asset). If we took a linear scale, low should be located at 5000-5200 USD zone.