BITCOIN BULLS BOUNCE BACK by E. Okorie, 8th of January , 2020
Bitcoin bullish market bounces back after a devastating treat of bitcoin falling below the $5000 benchmark. Bitcoin on 8th of January took the market by surprise by breaking the $7600 resistance and by rising up to the $8350 level. The price of bitcoin have been rallying through the $6900 - $7400 range throughout the last days of December 2019 and has witnessed various downward price shift throughout the month. All attempt to overcome the $6400 support was proved to be fruitless.
As a result of this, a strong bullish trend pushed price to remain within the $8000 benchmark. the new support levels are $7800, $7600 and $7000. We expect the price of bitcoin to reach the $8500-$9000 threshold as this levels mark the top of last year bearish channel on a daily chart. Also, from our analysis, if more bullish market is observed, it is more likely to create a new bullish channel which should hit the $10,000 level.
In a related development, other cryptocurrency such as Ethereum, bitcoincash e.t.c also appreciated in value. Some speculation going on in social media clearly claim that this sudden rise in price is as a result of the recent U.S.A - IRAN face-off. The United States claimed responsibility for the elimination of an Iranian General (Qasem Soleimani) which was on their watch list as a terrorist and wanted.
It is glaring that the bearish channel of last year is still on course. Until an upward break above the $10,000 level is experience, the bearish trend still remains on course. Hence bitcoin enthusiast is advised to never invest in an amount that they cannot afford to loose even though bitcoin is OK.