On Thursday Bitcoin’s price is $ 3,655.00. On the 4-hour chart, we can see a corrective decline which is observed after a rapid growth impulse and a change in trend. Having reached the level of 38.2% according to Fibonacci, the market has formed and continues to develop a short-term channel.
The reduction target can be located on the support line, around $3,500.00. After the test of this level, we should expect a new growth impetus to the local resistance of $3,632.00, breaking through which quotes will be able to rise to the level of 50.0% ($ 3,786.00) on the Fibonacci scale.
The 1-hour Bitcoin chart demonstrates protracted testing of the 38.2% Fibonacci correction level. The completion of such a trampling is likely to be expressed as a continuation of the decline to the levels of 50.0% ($ 3,524.00) and 61.8% ($ 3,481.50).