How evil is this market crashing down making people panic and later get pumped again to make people Fomo in. Having seeing such a move, I conclude that it was to shake out both longs and shorts to prepare for the next big move. Let's see some obvious chart writings.
1. Price is under 200EMA on 4H 2. Price is under 200EMA on Daily 3. Price is still rejected at the 38.2 retracement from the 11700 fall 4. 4H looking weak and looks like it is gonna turn down 5. Daily MACD crossed up but having a sharp upmove on histogram price was unable to break the resistances (EMA and Fib) 6. We have been trending up for the past 5 days but in the same period volume has died down
All in all this points that price would go lower unless there was some big shocking positive news to turn the bearish sentiment around. The area of concern is the 8000-8200 area where there will be buyers, if price manages to carve out a bottom there we will see higher prices in the future, else under $5000 Bitcoin.
I would probably keep repeating this as long as the bearish view still holds true.