Historically the price of BTC has generally bounced after hitting the 200-day MA. Hard to call what will happen here - we are currently very close. If we bust through could be bad.
Each one of those corrections are different. However, there are plenty of signs indicating the bottom is near. There is a divergence in the RSI, we are close to seeing a crossing in the MACD. BTC is oversold for weeks right now. The whole picture indicates an imminent change in the trend.