Cryptocurrencies were in the crosshairs Thursday.

Bitcoin, ether and litecoin all tumbled as investors soured on riskier assets in favor of safe havens such as bonds.

Craig Johnson, chief market technician at Piper Sandler, is watching the charts closely for which way bitcoin could break next.

“We broke out in January. A few months ago, we made this peak. I actually would go back and put the retracement levels on top of bitcoin, and when you see that, you can see that around 33,000 to 34,000 is a very important retracement level,” Johnson told CNBC’s “Trading Nation” on Thursday, referring to Fibonacci retracement in technical analysis that marks key support and resistance levels.

Bitcoin has bounced between $31,500 and $34,800 for roughly two weeks. Johnson says that based on its