Bitcoin is currently probing support at $8,290 on Coinbase.
The digital currency broke below $8,460 on Thursday, confirming a downside break of a three-day trading range and signaling a continuation of the pullback from highs near $9,200 seen on Sunday.
Majority of analysts took note of the range breakdown while calling a deeper drop to $8,000, but missed the head-and-shoulders breakdown, which was confirmed after prices fell below $8,380.
Having suffered a range breakdown in the European trading hours, bitcoin secured a foot hold below $8,380 in the North American session, signaling a head-and-shoulders breakdown.
The overnight rejection at the neckline resistance (former support) reinforced the head & shoulders breakdown.
So, with bears in control of the market, the cryptocurrency could soon breach the immediate support at $8,290 and extend the sell-off toward $8,000.
On the higher side, a strong move above $8,500 is needed to abort the sell-off.