Major update to my post last week - BTC has clearly breached the bearish descending triangle, and it is almost following the classic market cycle to the letter, another thing to notice we are now in fear territory of the market model.
This is why you never "BUY THE DIP" because you don't know how deep it will be. Instead people should be following the trend line and buy when it starts to reverse.
If it is more a than 20 per cent correction then it isn't a correction, it is now a down trend, NEVER EVER BUY AGAINST THE TREND, until there is a reversal.
BTC is bearish on the RSI and MACD indicators, as well.
The signs were clearly there in both the fundamentals and TA, if BTC and the exchanges continue to get hit with threats of regulation then expect BTC to drop to as low as 3K.