I expect BTC to head down to the .236 fib where it will likely bounce back up and retest the .382.
USD Target --> Appx. 9200 (aim for 5%-10% higher to hedge risk.)
BTC/USD rebounded well after hitting the local low of the correction. The pinky lines signify the upper and lower extreme of the downtrend channel that BTC has been bouncing around since late December. BTC just touched the .382 and failed a breakthrough and is currently heading towards the .236 fib. The .236 fib will coincide with the 200 EMA on the daily, so I expect BTC/USD to find plenty of support around that area (appx. 9200) and bounce back up.
The RSI is currently in a local bullish channel, but I expect it to break towards the downside and form a new pattern as the price gravitates towards the .236 fib. MACD is also in a bullish crossover and in a critical region as it is close to crossing the 0-horizontal axis, which would indicate another bullish sign. However, I don't expect the MACD to cross the horizontal axis until BTC/USD tests the .236 fib one more time.
If BTC/USD does not find support at the .236 and 200 EMA (unlikely) then it will head towards the 8-7k area again. However, keep a close eye on horizontal extremas of the RSI to gauge whether BTC is overbought and oversold at any given time. I have highlighted those points with horizontal teal lines. The bottom line should act as a support, so you can expect a positive rebound if it reaches that area. The top line should act as resistance, so you can expect it to regress after reaching it.
USD Target --> Appx. 9200 (aim for 5%-10% higher to hedge risk.)
BTC/USD rebounded well after hitting the local low of the correction. The pinky lines signify the upper and lower extreme of the downtrend channel that BTC has been bouncing around since late December. BTC just touched the .382 and failed a breakthrough and is currently heading towards the .236 fib. The .236 fib will coincide with the 200 EMA on the daily, so I expect BTC/USD to find plenty of support around that area (appx. 9200) and bounce back up.
The RSI is currently in a local bullish channel, but I expect it to break towards the downside and form a new pattern as the price gravitates towards the .236 fib. MACD is also in a bullish crossover and in a critical region as it is close to crossing the 0-horizontal axis, which would indicate another bullish sign. However, I don't expect the MACD to cross the horizontal axis until BTC/USD tests the .236 fib one more time.
If BTC/USD does not find support at the .236 and 200 EMA (unlikely) then it will head towards the 8-7k area again. However, keep a close eye on horizontal extremas of the RSI to gauge whether BTC is overbought and oversold at any given time. I have highlighted those points with horizontal teal lines. The bottom line should act as a support, so you can expect a positive rebound if it reaches that area. The top line should act as resistance, so you can expect it to regress after reaching it.