Based on the Elliot Wave count on both the micro and sub-micro levels, it is my personal opinion that this correction should be perfectly expected and shows a healthy market. At this time BTC is kissing the 38.2% fib retracement level as can be seen in the area highligted by a magenta rectangle.
• Worst case scenario we will see a full retracement to the support level of $7868.15 last seen on February 11, 2018.
• Medium case scenario we will retrace to $8592.00.
• Best case scenario the correction is over at 38.2% retracement and BTC will continue its upward ascend to $13,000.
The RSI (14) is currently at 45.01 which could mean room for growth.
The MACD is also very healthy oscillating between +23.00 and -161.00
In all three scenarios we should expect a bounce back if and when those low targets are met. However, the bounce back will not nesecarilly be quick, fast and painless BTC will osciallte between the channel represented in the dashed blue lines.
Hope this helps. Again, these are my own personal opinons. This is not financial advice and should not be considered as such. Let's just call it perspective.
• Worst case scenario we will see a full retracement to the support level of $7868.15 last seen on February 11, 2018.
• Medium case scenario we will retrace to $8592.00.
• Best case scenario the correction is over at 38.2% retracement and BTC will continue its upward ascend to $13,000.
The RSI (14) is currently at 45.01 which could mean room for growth.
The MACD is also very healthy oscillating between +23.00 and -161.00
In all three scenarios we should expect a bounce back if and when those low targets are met. However, the bounce back will not nesecarilly be quick, fast and painless BTC will osciallte between the channel represented in the dashed blue lines.
Hope this helps. Again, these are my own personal opinons. This is not financial advice and should not be considered as such. Let's just call it perspective.