Bitcoin will oscillate between the support and resistance shown on the graph, recently China banned ICO's which sent all cryptocurrencies falling across the board, including Bitcoin which dropped to approximately $3995 before it rebounding upwards. However, more negative news has flooded the market and Bitcoin is now looking a lot weaker than last time if we see a drop below $4,000 this time it may continue to the $3,500 range.
The price is currently sitting nicely around the 70% area on the Fibonacci.