Bitcoin was previously mentioned here on the 29th of October. Back in that day, we were locked inside of the sideways trend and we told you that the breakout of the certain support should bring us a sell signal. You probably know that we are currently on the yearly lows, so guess what, that analysis was sport on!.
The new yearly lows are a result of the giant descending triangle pattern. Every single bounce from the horizontal support was smaller and smaller, which was a clear sign for a bullish weakness. Buyers eventually surrendered and the price dropped like a rock. That happened on Wednesday. On Thursday, bulls tried a small pull-back but today we can see how it ended. The sell signal is on and the potential target for this movements is much lower than you can imagine. We are talking here about the levels below 3000 USD.
Negative sentiment will be temporary cancelled, when the price will come back above the yellow area. Chances for that are currently illusionary. As for now, we are checking the level of pain for all the Hodlers.