Right now BTC is bouncing along a falling wedge and currently finding support in the 0.236 Fib. I do not envision any recovery until the first week of the Chinese new year has past (23rd of February), until that day 2 are the main possible scenarios:
1) We travel along the current support of the fib. retracement keeping the price around 8500 usd and using the top of the wedge as resistance.
2) We go down until the bottom line of the wedge which can bring us down to 7800 usd, in this area we have a strong support from November which should keep us around that price until the 16th of February when volume should arrive in order to break the resistance line of the falling wedge.
1) We travel along the current support of the fib. retracement keeping the price around 8500 usd and using the top of the wedge as resistance.
2) We go down until the bottom line of the wedge which can bring us down to 7800 usd, in this area we have a strong support from November which should keep us around that price until the 16th of February when volume should arrive in order to break the resistance line of the falling wedge.