BTC/USD - Levels To Watch

I made an analysis earlier outlining the potential levels Bitcoin -1.41% could drop to amidst the large fall seen yesterday,. and would like to continue on with the same line of thinking by using a smaller time frame to explain more clearly the levels that price will fall to, and most importantly why. Having a larger time frame with the bigger picture is good for measuring the overall concept but need the smaller time frame to finesse the move, and obviously to find the entry levels for selling into the correction or buying at the anticipated level. After all if you're using the daily chart to buy a reversal, you're either too late or too early (And that's a fact)... Because you could have used the hourly time frame to get in much earlier.

Onto the Bitcoin -1.41% analysis, it is currently trading at 6440 after a small upside recovery intraday from 6300 level. Price then recovered slightly, and appears to have almost immediately found a resistance at the 76.4 Fibonacci retracement level, where I expect price could fall further. (This will show up as 23.6 on your retracements, I always draw my Fibonacci's backwards purposely) Price had a bearish harami and some nice follow through, and does look particularly weak at this level.

I suspect Bitcoin -1.41% could now fall victim to technicals and fall as per my original analysis, from the 76.8 Fibonacci level outlined on my chart, to it's destination support zone , in a minor 3 wave downside pattern. Bitcoin -1.41% still looks weak, and needs to shake off the bears further before the bulls jump in again.