It will be a gradual pull back for bitcoin traders, and likely the key factor for taking profit is that they've finally realized that they've already gained significant gains for the past year. You will see more news printed everyday and noises on stocktwits, cheering that it is not the end of the bull run. Always prepare a trading plan during a bear market, because this is when the best traders are born. From a technical standpoint, the ADX/DI are showing signs that there will be an impending reversal and it needed confirmation from a different indicator else other than the RSI and ADX itself, or a news of some sort to trigger the profit taking.
@bed87, sorry I don't do shorts :) and when I say slow pullback... you will see some small rebounds once in a while just like what we saw recently. I've seen similar patterns with small caps and especially in small caps bios. Try the same settings with XBI