Bitcoin’s correction has turned out to be deeper than originally expected. The relatively weak recovery from 45000 was limited at 52116. Subsequent fall is now seen as the third leg of the correction from 57529. Deeper fall is in favor towards 100% projection of 52579 to 45000 from 52115 at 39586. Such projection level is close to 61.8% retracement of 29283 to 57529 at 40072. As it’s seen as correcting the rise from 29283 to 57529 only, we’d be expecting strong support from around 40k, which is close to the above mentioned levels, to contain downside to complete the correction.
However, just to pencil in the idea first, if bitcoin correcting the medium term up trend from 4000, it might indeed have a take on 38.2% retracement of 4000 to 57529 at 37080, which is close to 55 day EMA (now at 36878), before completing the correction.