Bit BITCOIN CRASH WITH STRONG BEARISH TREND

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BITCOIN CRASH WITH STRONG BEARISH TREND  by E. Okorie, 14th of March , 2020

The price of bitcoin crashed on march 14, 2020 to $4,200. A strong bearish continuation pattern formation broke the $8000 support level in the early hours of the day forcing a downward trend. Bitcoin price then fell down to $4,200. Bitcoin price curently range between the $4,800 - $5,400 benchmark. The bearish market currently targets the $3000 level. However, the treat of bitcoin price still exist as a further break on this level would result to price falling below $2000.The current bearish trend is a classical trend continuation pattern of 2019 bearish trend

On the flip side, the bullish market is totally with only one life-line for holding the market - December 2018 - $3000 support level. Although analyst shows that a head and shoulder formation indicates that this level has a slim chance of holding this new strong bearish trend, the bullish market still have an eye on this support level. A significant bounce on this level could trigger a bullish sentiment. Even though bitcoin price has fallen, the mining difficulty still increase. This gives bitcoin enthusaist the notion that the price may still bounce back.

This latest development have created a panic on long term investors. Although the mining difficulty is still on the increase, bitcoin price remains bearish.