A measured move based on the lower would put price action right to the 200EMA, which will likely show some signs of support, but from a daily perspective, I believe the red zone (fibo area) would be the next level of support should price break the 200EMA on the 4HR.
Price action is above the 200EMA on 4,3,2,and 1 hour charts, but testing and breaking on the 45min and below on 30 and 15. The longer price action stays below on the lower level, the more price will want to come back to touch the 200 on all other charts.
I have a feeling BTC is wanting to pull back to tough it again... the question being whether it does that on the daily.
Price action now has closes below the 200EMA on all charts from the 4HR down, so my bias remains to the downside. I would need to see price action move back above 200EMA on the 1HR with some solid closes there before that bias starts to change back.
While i'm not making this as a call, i would not be surprised to see price action move to $9500 - $ 9200 area. We'll have to wait and see.
One good thing in my opinion... the more 4HR candles that attempt to close in zone, but get pushed back and close above.... the more likely price will pull up from here.