INTERNATIONAL – Bitcoin has found a support at $4,795 (R 67 307.42). It may hover above this level or bounce toward a resistance at $5,151.
The support and the resistance are identified respectively as the 100 percent and the 86.4 percent projection levels of a downward wave (c) from $7,411.85.
Given that both the former supports at $5,412 and $5,151 temporarily stopped the fall, the current support looks stronger and may trigger a bounce.
A break below $4,612 could cause a loss into the range of $4,177-$4,413.
The battle for the control of Bitcoin Cash is getting expensive.
The fourth-largest cryptocurrency began attracting mainstream attention this week when two competing software-development teams failed to agree on how to best update the code and ended up splitting the network.
The fight was cited Wednesday for contributing to the biggest drop in eight months for Bitcoin, which Bitcoin Cash had split off from last year.
Both factions have been ramping up the amount of computing power they own to support their software version to win a race called Nakamoto Consensus, under which whoever has the most computing support wins.