Sometimes Bitcoin cannot be explained using technical analysis. IMO, there are too many fuds recently. Another reason is due to the Chinese New Year in mid Feb, I guess many Chinese will cash out during this period.
But I am confident that Bitcoin will recover later on.
Its all about the FUD that makes the price keep on dropping and matters with the Chinese permanently banning Bitcoins didn't really help matters at all and while it is going to recover, the road to recovery is indeed a very long one.