The bears have done an incredible job selling a TON of coins at the top of the channel (the bottom of the previous ).
So now we have a scenario where the bears have made abour 30% return from the and they sold a lot of coins to new people who will feel the pressure of seeling going downward.
Technicaly speaking, the target of a is equal to the downward movement prior to the . This leads us to 4400$, which is also the 0.786 Fib level from the 200$-->20000$ bull run
Really insane to watch it all unfold.
Please trade carefully and don't try to catch a falling knife.