SINGAPORE: Bitcoin may test a support at $10,990, a break below which could cause a loss to the next support at $10,559.
These supports are identified respectively as the 100 percent and 86.4 percent projection levels of an uptrend from $7,820.
Bitcoin failed to break a resistance at $11,738, which is strengthened by a similar one established by the Feb. 20 high of $11,780.
The failure has caused a decent correction which may extend into the range of $10,242-$10,559. Only a break above $11,738 could confirm the continuation of the uptrend towards $12,201.
No information in this analysis should be considered as being business, financial or legal advice. 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.
Comments
Comments are closed for this article.