BITCOIN DROPS $1000 VALUE IN A NEW DOWNSLIDE by E. Okorie, 26th of Feburary , 2020
The Bullish Bitcoin channel was broken on wednesday, 26th of feburary 2020. This led to the steady drop in value for bitcoin from $9,600 to about $8,600 (approximately $1000 loss in value). This new development shows that a weak bearish channel is forming along with a huge probability of it becoming strong. The major supports levels are: $8,300, $8,100 and $7,800. There is a huge tendency that a major bounce on this level may bring an end to the current downward trend. The next target for the bearish market is currently $7,800 after a downward break of $8,300 benchmark.
On the flip side, the bullish trend throughout last week was literally trying to catch up from various degree of losses after accumulating substantially. This downward move currently created a classical gartley pattern on the daily chart. This give a lifeline for the bullish market as key investors are more likely to consider investing with bullish confirmation of an upward trend. The bullish market will have to overcome the new $9,200 and $9,600 and $10,600 support levels to get a new bullish channel. .
Consequently, bitcoin is currently experiencing a downward trend. Nevertheless, if bitcoin price could get a good support levels, then we could just have another all time high.