SINGAPORE: Bitcoin may break a support at $6,492 and fall further towards the next support at $5,855, as suggested by its wave pattern and a projection analysis.
These supports are identified respectively as the 61.8 percent and the 76.4 percent projection levels of a downward wave C from $9,188.
This wave was disrupted by a bounce triggered by the support at $6,492. However, the bounce has been almost reversed. The reversal signals a continuation of the wave C.
A drop to $6,438 could confirm a break below $6,492. Resistance is at $7,007, a break above which could lead to a gain limited to $7,522.
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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