Bitcoin may hover above $4,795

FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/Illustration

SINGAPORE (Reuters) – Bitcoin has found a support at $4,795. It may hover above this level or bounce toward a resistance at $5,151.

(Graphic: TECH/C – tmsnrt.rs/2PGzApA)

The support and the resistance are identified respectively as the 100 percent and the 86.4 percent projection levels of a downward wave (c) from $7,411.85.

Given that both the former supports at $5,412 and $5,151 temporarily stopped the fall, the current support looks stronger and may trigger a bounce.

A break below $4,612 could cause a loss into the range of $4,177-$4,413.

Reporting by Wang Tao; Editing by Rashmi Aich

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