I think we've seen the first leg of a 3 wave correction. Based on typical Fibonacci ratios for corrective waves, I think Bitcoin is going to wind down to somewhere between $3950 and $3500. The previous A-B-C correction would put it right in the middle of that range, and it also happens to be close to the 0.382 Fib of the whole impulse move up to $4980. I'll be watching closely around the $3700 area.
Trade closed: target reached