This Reuters market note said Bitcoin had settled on a support level at $4,795, leaving traders to watch whether the cryptocurrency would hold there or recover toward $5,151.
The chart view placed that support at the 100 percent projection of a downward wave from $7,411.85, while the resistance at $5,151 was marked as the 86.4 percent projection level. Reuters said the setup suggested Bitcoin could either hover above the support or stage a bounce.
The note also pointed to earlier price floors that briefly slowed the decline. It said former support at $5,412 and then $5,151 had each temporarily stopped the fall, which made the new level look stronger by comparison.
Still, the downside risk remained in view. Reuters said a drop below $4,612 could push Bitcoin into the $4,177 to $4,413 range.
The report was filed by Wang Tao and edited by Rashmi Aich.
For context, the accompanying file photo was dated December 8, 2017, and showed Bitcoin tokens in an illustration by REUTERS/Benoit Tessier.
Reporting by Wang Tao; Editing by Rashmi Aich
