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SINGAPORE: Bitcoin may break a support at $10,831 and fall to the next support at $10,487, as suggested by a rising channel and a projection analysis.
After failing to rise above the channel, bitcoin fell towards the lower trendline around $10,650. A break below the support at $10,831 will be confirmed when bitcoin drops to $10,650.
The break could confirm a target at $10,487, the 14.6 percent projection level of an upward wave c, which is the third wave of a three-wave cycle from the Jan. 17 low of $9,222.
A rise above resistance at $11,200 provided by a falling trendline could be extended to $11,391.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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