If the daily candle closes above the 50 ma, then this price action has the potential to run to 8k before dumping. Because most drops come with a 61% reaction rally, then 8k is possible. I ran a fib retracement from February 12th to the bottom of the dump on March 13th and found that a macro reaction rally would put us at 8000 which is the .618 fib line. This weekend should be interesting.
Comment:
this could also be the relative top of the retracement, hard to say. Anywhere between the .5 and .618 fib is standard for a retracement.