After bitcoin topped off at 5000 it made a quick deep dive to 3000 (even going below slightly) this all happened in approximately 13 days. The main reason for this is that bitcoin has completed three waves up and was ready for a potential correction but the china news about banning exchanges let it plunge at rapid speed. The news of china is still acting, bulls are fighting hard against it but this price correction cuts pretty deep in future uptrend and complete recovery. My feeling says this is the bulltrap (4080-4150USD) and there will be one more wave of sellers wanting to get out. This will form a major and then we consolidate in the lower part ranging from 3000 to 3600 to clear up completely what the future politcal (China migration) and technical (november harfork SegWit2x) direction is.
4080 is also the top of the trend channel and it's advised to close a long at this point because pullback is likely. Also this could turn in a big pattern which is indicated in the chart.
The bull versus bear fight will be though, good luck and happy trading!
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