BITCOIN DOWNWARD SLIDE FACES NEW CHALLENGE by E. Okorie, 27th of November, 2019
The bearish trend for bitcoin now face a strong support below the $6400 level. Bitcoin price since the beginning of the week has been bearish and a downward slide of the price has been observed up to the $6400 level.
With this new development, bitcoin bulls is expected to gain the $8300 benchmark before trade close for the month of November 2019. This would definitely create a bullish formation for bitcoin. Although the confirmation for a bullish reversal pattern is yet to be established, the $6400 level seems impregnable. The price of bitcoin has gotten various setbacks and is currently trading within the range of $6500 and $7300.
On the flip side, if this $6400 level is overcomed, it is expected that bitcoin price further fall up-to the the $5000 level which will be another all time low for the year 2019. Bitcoin price has recovered from various face-off over the year during the U. S trade war with China. This downward move would bring strong bearish sentiment and would be the bottom of a newly created bearish channel hovering over price.