Bitcoin may hover above $4,795

SINGAPORE (Reuters) - Bitcoin has found a support at $4,795. 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.