Bitcoins are seen in this illustration picture.
PHOTO: REUTERS
SINGAPORE: Bitcoin has found a support at $4,795. It may hover above this level or bounce toward a resistance at $5,151.
Bitcoin sinks to two-month low
The support and the resistance are identified respectively as the 100 per cent and the 86.4 per cent 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.
The bigger Cryptocurrencies get, the worse they perform
A break below $4,612 could cause a loss into the range of $4,177-$4,413.
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