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The monumental crash of this week's market caused the dumping of 20% of Bitcoins in just a few days. The technical indicators now show that a reversal of the trend could be imminent and that the end of the bull market of 2019 could well begin.
Bitcoin Bull Market Over?
Bitcoin has been able to handle only a slight increase to $ 8,640 over the past few hours, which indicates that much remains to be done. The bulls all went to the hills, letting the bears prepare to make the crypto markets suffer more.
At the time of writing, Bitcoin has fallen back below $ 8,400, but seems to hold for the moment. So far, there has been no decline in the $ 7,000 region, but the more the BTC continues at current levels, the more likely it will be.
Crypto Hamster, trader and analyst, said BTC had never left the Bollinger Bands in a bull market.
"Up to now, bitcoins have never been lower than the lower Bollinger band in a bull market. Now he is at ~ $ 7,700. So either ~ 8k is a fund, or it is no longer a bull market. "
Until now, Bitcoins have never dropped under the lower Bollinger band.
Now he is at ~ $ 7,700.
So either ~ 8k is a fund, or it is no longer a bull market. $ BTCUSD #bitcoin $ BTC pic.twitter.com/1tNIoCzS9g– CryptoHamster (@CryptoHamsterIO) September 25, 2019
Confirmation of this trend reversal would be a deadly cross on the daily chart. We still have some time left, but the last time the 50 MA fell below 200 MA, it was in March 2018 and a year – long bear market followed.
Bearish sentiment seems to be spreading. Analyst Josh Rager highlighted that the sales pressure on the altcoins is still strong, which indicates that there will be no rebound from this level.
"We've seen an increase in sales pressure after the Bitcoin outage – people are realizing that it's not likely to be a quick reversal of the 'v'. I'm expecting some players to see new lows this year against Bitcoin. May lose 20% + more because Bitcoin is likely to hit 7 dollars again ยป
Others think that altcoins have already reached a floor and that Bitcoin losses could be their gains. For the moment, the dominance of the BTC exceeds 70% according to Tradingview.com, so this scenario is not played yet.
Since the beginning of the week, the cryptography markets have generated more than 40 billion dollars, or 16%. They could easily reach less than $ 200 billion again if BTC fell back to $ 7,000. It is highly unlikely that altcoins will recover independently as they did two years ago.
Some analysts predict a drop below $ 6,000, which could make things really interesting.
"Two months ago, on the 12th and 17th of July, I called the Bull Run among the first. As you can see, I talked to you about 7.4 to 5.5 kilometers. "
Two months ago, from July 12th to 17th, I called Bull Run as one of the first. In addition, as you can see, I talked about goals between 7.4 and 5.5k.
Many experienced turnarounds at 9-8k, but as much as yesterday until yesterday, we still thought we would reach new heights.
Now, look at what people are saying today. pic.twitter.com/xit7aPdcqN
– D4rkEnergY ?? (@ D4rkEnergYYY) September 25, 2019
It seems that most analysts agree that there is still much to be done for Bitcoin. The questions remain unanswered: how far will it go this time and how much will you buy the dip?
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