BTC/USD Is In Correction. Is It Promising???

Bitcoin has started a bullish correction finally. The price is above the midterm descending trend line. The goals at $6,510 are still actual, but they may be reached after a correction only. However, fundamental factors like ICO’s ban reverse in South Korea may break midterm downside scenario.
Let’s have a closer look at BTC/USD within Fibonacci formation. The currency pair follows the orange scenario in the moment of writing. The price has crossed $7,199 area on Tuesday and reached the resistance area at $7,565, which coincides with 1.618 retracement level.
What are the possible ways for Bitcoin in the next 24 hours?
1. Orange scenario. The price will jump off the current resistance area at $7,565 and move towards the support area at $7,199. If sellers will be able to break this support area out, there is a possibility of red scenario below $7,199.
2. Green scenario (deeper bullish correction). Bitcoin will cross $7,565 resistance area and move higher targeting 1 retracement level, which coincides with the next resistance area at $7,949.
We think that Bitcoin is likely to develop its correction on Wednesday.

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