Quick writeup for general understanding!
So, BTC moved up to 9.7 resistance and got rejected from there. Now we can test the strength of the bulls and the short / mid term trend that we are in! That goes as following.
(The following levels are also the supports)
If BTC retraces to 0.236% fibonacci ( 8980 ) and bounce up, it means that BTC is super bullish.
If BTC retraces to 0.382% fibonacci ( 8500 ) and bounce up, it means that BTC is bullish.
If BTC retraces to 0.500% fibonacci ( 8100 ) and bounce up, it means that BTC is between neutral and bullish.
If BTC retraces to 0.618% fibonacci ( 7700 ) and bounce up, it means that BTC is neutral.
If BTC retraces to 0.786% fibonacci ( 7150 ) and bounce up, it means that BTC is between neutral and bearish.
If BTC retraces to 1.000 ( 6450 ) and below, it means that BTC is bearish.
So, the fibonacci will tell us everything. You have to know that this is just for short-term BTC movement. In general, BTC is bearish below 12k. Once we cros that level we can think about new ATH. One more time, I am still thinking that we are going at least to form double bottom but maybe even more down. This downtrend will be very important for me to see power of bulls and bears.
Sharing my opinion will be guessing, but I think 0.382 is important level to look at and in my opinion it has biggest chances to hold out. Let's see what will happen with community after this drop of near 10%. Are they going to switch from super bullish to super bearish? It's a big question!