Bitcoin is testing the highest Fibonacci retracement level on its downtrend correction, but it looks like bears are defending it well. The 61.8% Fib lines up with the former support around $9,700 and if it continues to hold as a ceiling, bitcoin could resume the drop to the swing low.
The 100 SMA is above the longer-term 200 SMA on this 4-hour chart, though, so the path of least resistance is still to the upside. In addition, the shorter-term moving average is currently holding as dynamic support. A break below this could still find some bulls at the 200 SMA dynamic inflection point.
Stochastic is starting to pull up from the oversold region to signal a return in bullish pressure. RSI, on the other hand, has some room to fall so sellers could remain in play for a bit longer. A move below the 38.2% Fib and 200 SMA could send bitcoin falling to the $6,500 support.
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