The horizontal lines are extremely significant Fibonacci ratios based on the 69D chart. The market attempted / is attempting an MA 3/12 Golden Cross after falling below 3.618. Short targets are given assuming that bulls fail here. Ultimately, this would be a lower high and price will fall to a lower low, precipitating lower and lower price targets. The ultimate target is $32,000.
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Bullish move incoming.
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Liftoff:
4H: Look at 4H Bollinger Band. TD Sequential Perfected Buy Setup at Bollinger Band lower with oversold indicators suggests that price MUST achieve a higher high now with a target of 4.618 Fib @ $53,506.15 or the Weekly short scenario is in play.