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Small Resistance and Bullish trend, Bitcoin Faces Small Price Drop

bitcoing performing low

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.

Small Resistance and Bullish trend, Bitcoin Faces Small Price Drop 1

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.

Small Resistance and Bullish trend, Bitcoin Faces Small Price Drop 2

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.

Ryan Chandler Brown

Ryan Chandler Brown

Ryan is the founder of Blockchain PR, and is an advisor for many blockchain projects. He was President of the Media Guide Internet Database traffic exchange portal from its inception and grew it in 2 years to its position as one of the top 500 most visited websites in the world with over 1 million daily visitors, developing partnerships with over 65 media outlets.

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