BTC More downtrending ahead?

Looks like bitcoin has broken to the downside. How far will it go? Where is the bottom?
I currently see three scenarios.

1st Scenario could be sideways trading in the band between 8900-9358 before price action reversal

2nd Scenario would be a bounce at the 8534 level to respect the downtrending channel before price action reversal

or

3rd Scenario, where we break out of the channel and hit 7081 for the golden fib before price action reversal