Selling has been strong, and has all but broken previous trend line. With the end of the tax year approaching I think there is still more selling to come.
There is another trend line (1), strong horizontal resistance (2) and a bearish trend line (3) all crossing at the 78.6% fib level for BTCUSD all time.
I think we are certainly headed for $4,200 or so, and I believe it will take a few weeks. There will likely be small bounces on the way down. RSI is showing that there is still room to go lower.
After that point we can consider a cautious reversal which may be fairly protracted.
This is my Primary projection now, my bullish optimism has been beaten down :-O