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.
Bitcoin have NEVER dropped below the lower Bollinger Band on a bull market so far.
Now it is at ~7700$.
So, either ~8k is a bottom, or this is not a bull market anymore. $BTCUSD #bitcoin $BTC pic.twitter.com/1tNIoCzS9g
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.
important resistance at 8550-8700$
We are still very #bearish.
Have a global #stoploss: if #bitcoin breaks 8200$, everything will #dump hard again
Join for more contents! It's #free!https://t.co/p0B1U8Omy6#trading #btc #analysis #trader #buy #sell #long #short #eth #xrp #trx pic.twitter.com/Dp25doc9eW
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.
This is Bitcoin dipping 40% to $500 at 200 daily moving average 2016 – after cycle resistance
What happened next was BTC entered bull market to see gains to $20k
BTC is currently making a move w/ similar cycle resistance drop to 200 daily moving average
What will happen next? pic.twitter.com/U0Oulh1S0T
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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