Big sell off here on Friday created lots of long covering, however: A) the sell off was late B) exchanges are open 24h so all over the weekend & main market leveraged positions are not Further selling this weekend (which is already taking place) will leed to more longs being blown when the main markets reopen on Sunday afternoon I believe.
We've not had a retest of the breakouts above the 100% or 127% Fib lines and I think these might come into play over the coming days.
Good short to take and also probably a fantastic reentry point for what will inevitably be the push up to $2000 which will follow.