Simple but powerful chart.
Quite straightforward, the resistance at 10.5k was very well known and it is pretty clear this resistance is too strong now. This 10.5k is the price we needed to break to obtain a higher high and reverse the trend. We have been in this downtrend for about 7 months.
We've been rejected at 10.5k several times, that's why the downtrend is still alive and kicking.
Is the corona virus causing this? Absolutely not. Absolutely not. Every day of the year there will be some types of news, but remember the answers are always in the charts.
By the way, the fear index is at 41 right now which not a high level, that's why there should be more blood soon (watch out for 7.5k first).
The truth is: the chart above shows the trend that has been playing out since December 2017. We have a rejection in June 2019 at 14k. And the last bearish engulfing weekly candle (less than a day ago) clearly confirms the trend.
Congrats to those who bought at 6.5k by the way, very nice profit up to 10.5k. Now 2020 will be very bad for the bulls (very good for the bears). You think the halving will have any effect? Dream on my friends...
I am making the prediction here than 2020 December 31th will see a Bitcoin price under 6k.