As mentioned in the crossroads article, Bitcoin has successfully invalidated the support after breaking out of the rising wedge and closing below it in the one hour chart. The short-term prospect for Bitcoin from hereon looks bleak and gloomy as, at press time, the price of Bitcoin was $9,943, after it had collapsed by more than 8% in 10+ hours.
Considering where Bitcoin is at press time, there is no definitive support. So, the path of least resistance would be for it to keep slumping until it hits support at $9,720. The price might falter here for a while, where it will face yet another crossroad, and has to decide to either bounce back up or breach it.
If the price does bounce from $9,720, it will regain the $10,000-level. The subsequent levels that BTC has to conquer include – $10,435, $10,700, and so on.
However, if the support at $9,700 gets breached, the only logical move for Bitcoin will be $9,440, which is also the 0.382-fib level. This level was previously seen on August 15, after a massive slump. If the bearish momentum continues, the price will dip to $9,330.
At this point, the probability of a takeover by bulls is more likely, which would halt the bear parade.
The 4-hour chart is more bearish than the one-hour chart, as the price has breached the pennant after adhering to it for over 11 weeks. If the breakout is true, Bitcoin can easily head down anywhere between $9,320 to $8,830 in a medium time frame. The break out of the pennant can be surely confirmed in the next 8 hours,