As we can see we have hit the OTE (Optimal Trade Entry) at 0.71 Fibonacci retracement on the 6th of january. We have yet to hit a Fibonacci extension since we have had this OTE. An entry at the 0.71 Fibonacci retracement usually means we hit the -0.272 or the -0.386 Fibonacci extension afterwards.
As we can see in the chart the -0.386 Fibonacci extension is around the 7300-7500 USD area. We can see that there was previous resistance for BTC at this level. We can also see some minor resistance at the -0.272 level, this will not act as strong support as there was nearly no resistance given by this point. The -0.386 retracement area will act as much stronger as the resistance was also much higher here.
The Fibonacci extension of -0.272 frpm our local top to bottom (OTE at the 6th of January till 17th of January) also shows a Fibonacci extension level that collides with these the previously mentioned points.
The 5 wave correction confirms that we could easily reach these levels and indicates we have not hit our bottom yet (the wave would be to short)
The pace and trendline that we are downtrending in (since the 27th of January) would lead us to, you guess it, the same level as previously mentioned which would be the bottom of the bull flag/downtrend channel line we are in at the moment.
If you are wondering how I drew the bottom bull flag line, I took the top lien (as those are much more clear) and copied this onto the bottom of our channel.
All of these indications confirm that we are heading for this price, let's see how it plays out :)