Recently Bitcoin has shown a little drop in its price after some confrontation in the market. Its current price is $6670 with the slight decline of 1.70%. To better understand the current situation we have to look at the below chart for short-term 4 hours’ time-framed price action.
The Fibonacci extension level at 1.414 clearly shows that the market was not able to face the little confrontation and price decreased to $6775. It can be seen that at 0.382 price action was measured at $6824.Though price pointed up in resistance which was predictable, the spiked price level was disallowed. However, the market has moved, and it is now reaching towards the 0.5 Fibonacci Retracement handle with the price of $6639. We can locate further support at 0.618 Fibonacci level with the price level of $6189 if there is a bear trend in the market.
If the trend is bullish than the short-term resistance can be located in 1.414 with the price level of $6775 this will be tailed by 0.382 Fibonacci Retracement level with the price level of $6824. Let us now look at the 1-hour time frame in the following chart.
In the above chart, it is mentioned that Bitcoin has faced some small change in its price from $6100 to $6840 from September 19th to 22. If the market show bear trend in coming hours then the price action will further go down at 0.382 Fibonacci Retracement level with the price action of $6557. In short resistance level are above the market.