Quick chart to show what is going on and where we may be heading. First off, let's get into the ascending channel, which BTC broke these last few days. This could be a correction following the recent 54% bull run of beginning of 2020.
Reasons for bearish sentiment:
Double Top
Cup and Handle (can be drawn from double-top)
Broke Ascending Channel
Is this a correction? It very well could be. The sideways movement typically has always been followed by a steep selling.
Targets:
$9,400 - Target 1
$9,000 - Target 2
$8,400 - Target 3
Check the MACD, average the histogram drops and we can see there is a little further selling coming.
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Target 1 - Reached. Since it broke, we are looking for target 2.
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Target 2 Reached.
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Bear market. Everything from stocks, bonds, to crypto has fallen. It seems like crypto is not a safe haven asset.