6.4-7.2K all time vital area

Morning guys,

As BTC has dropped vital 9K area last week now we have only one direction - down. Our suggestion is 6.4K-7.2k area. Here on weekly chart you can see that this is major 5/8 Fib support level
and AB=CD target, which creates Agreement with the level.

Still, daily/intraday analysis points few targets around 6.4K. Thus, we expand our target range to 6.4-7.2K. For the weekly chart it is allowable.

In fact, despite dramatic collapse on last week, BTC shows absolutely normal action in a longer-term perspective. In fact, as soon as market has climbed to 13K area and formed bullish reversal swing - we talked about
AB=CD retracement. So, this is normal - AB=CD action after reversal swing. Once it will be completed, we will get "222" Buy pattern here, right?

But, this is also tricky moment. Because this is last outpost. Breaking of this area will be very pitty sign and could resurrect major downside AB-CD pattern (at all time high), and its 1.618 target around ~ 2K. But this is ultimately
bearish scenario. Meantime, all eyes on 6.4-7.2K area.