Bitcoin could very well correct down further, we will need to see additional evidence for a buy.
Currently the case for a buy is 50% fib. Bitcoin has corrected 40% multiple times. It has bounced heavily off the 50 before.
The downside looks to be a and no reversal evidence has been proposed for a buy yet.
is still heavily , major pattern still playing out.
We are in a down trend/correction until further evidence.