SINGAPORE: Bitcoin may climb into a range of $9,511-$9,763, as suggested by a rising channel and a projection analysis.
The uptrend from the March 9 low of $8,366 has been zigzagging up in the channel which suggests that bitcoin may rise towards the zone of $9,763-$10,131.
A realistic target could be either $9,511 or $9,763, respectively the 86.4 percent and the 76.4 percent projection levels of a downward wave c from $11,688.
A break below $8,800 could confirm an escape of bitcoin from the channel and a resumption of the downtrend towards $8,205.
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.
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