This week’s great market crash has followed in Bitcoin dropping 20 percent in just a couple of days. Technical indicators are now revealing that a drift reversal could be coming and the end of the 2019 bull market may have just started.
Bitcoin Bull Market Over?
Bitcoin could only maintain a fragile rise to $8,645 over the past few hours which shows that more misery lies ahead. The bulls have all gone for mountains leaving the bears preparing up to deliver more pain on crypto markets.
The user CryptoHamster says that Bitcoin has never fallen below the lower Bollinger band in a bull market. At the moment it is moving at $ 7,700. From this he concludes that either $ 8,000 is the bottom or, else, we are in a bear market, a longer downtrend.
At the time of writing Bitcoin has pulled back below $8,400 but seems to be stuck here for the time being. As yet there has been no decline into the $7,000 region but the higher BTC breaks around prevailing levels the more apparent this will be.
CryptoNews says $ 8,550- $8,700 has important support. Should the $ 8,200 break, another big slump is expected.
It seems that most of the analysts are in consensus that there is yet more misery to develop for Bitcoin. The issues prevail: how deep will it go this time and how many will be purchasing the drop?
But there are even hard-core optimists these days. Crypto Capital Venture recognizes a 2016 pattern in the current chart. Bitcoin plummeted 40% to $500 in the 200 daytime line. Then it went straight to the big bull market for the $20,000. At the moment, the Bitcoin course is making a similar move.
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