BTCUSD - back to 9500 support level after short retracment

BTCUSD

After a major bearish movement of the day (10885USD to 9830USD) BTC/USD pair found temporary support at 9830USD price level.

It is highly possible, we will witness a short retracement back to 9300USD price area, which is marked as 38.2% Fibonacci retracement in a given chart. Since Bitcoin/Dollar pair is starting to trend bearish (lower high was formed since August 20), in a short term we can expect a price move to 9500USD area, where Fibonacci 161.8% level is marked on a given chart. This price extension level also correlates with a previous strong bullish support level, that served as an immediate reversal point (marked green arrow).

If 9500USD support will be crossed, it is highly possible we are looking to 7000USD price levels in long term.