For inspiration I copied a few patterns from other markets, like $FB and $AMZN, which had similar corrections during 2015, until 2016, you can see the results below as a bonus.
Best of luck,
This might be a support zone, and from here we should climb higher ideally.
It's good that we hold this long term support, from low volume on the way up.
8517 is resistance here, potentially. If banging against that zone and falling, maybe tomorrow's news will make the market fall a bit more before bottoming. I'd look into hedging ahead of the news, or going to cash, or, if patient and long term oriented hold, but be ready to add more after it's clear everyone capitulates.
Maximum capitulation today, ahead of the SEC hearing tomorrow.
Uptrend confirmed, now we have a good dip to add, target on chart. We also can still hit a new ATH by the 23rd give or take. Let's wait and see.
Major hurdle here, asian traders celebrate the new lunar year today, tomorrow we might see increase in activity from Asia, hopefully enough buying to make us clear this resistance - $BTCUSD chart
Should be a long period of re-accumulation for long term traders to buy on declines, and sell or hedge partially on rallies to increase the BTC stash over time. Might last until August 2019 roughly. Then we could launch into a massive long term uptrend once more.
Personally I'm still learning to adjust my view according to a progressively slower, growing market. What looks like sluggish movement today can be deceptive and hide a lot of power. It's taken a good few months but I think I've got it now... for the time being anyway!
As for the next few weeks / couple of months or so, I reckon you could be holding any crypto whatever and make money. There are millions of brand new accounts on all the exchanges and millions of newbies deciding right now that it's time to learn how to buy the dip. But then it takes time to prepare money especially when you are new and second-guessing yourself - "Am i really about to buy these magic beans?" "Is this a stupid idea?" etc.
Then you learn how to use your BTC to buy alts.
There is money extracted from exchanges at the end of last year to be resent to exchanges. Bitstamp said there are no deposits today... so that makes a 3-day bottleneck with the weekend, for money arriving Monday.
Pressure building for a big run up.