SINGAPORE: Bitcoin faces a resistance at $7,522, a break above which could lead to a gain to the next resistance at $8,159.
These resistances are identified respectively as the 38.2 percent and the 23.6 percent projection levels of a downward wave C from $9,188.
It is not very clear if this wave has completed, as it is capable of traveling to $4,825. However, if the current bounce keeps extending, this wave could have ended around $6,492.
A break below $7,007 could cause a loss to $6,492.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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