Short term correction or the start of a new trend?

COINBASE:BTCUSD   Bitcoin / Dollar
This week we saw a quick and harsh selloff in the crypto markets, paired with a consistent move down across the stock markets. We also see a spike in the VIX which shows an increase in volatility , however all of those signs are only short term moves as of right now. The move itself was very predictable and a great short trade, the main question now is if this was a short correction and we go back towards the upside and break our highs soon or if this was the beginning of a major move to the downside. Right now we cannot say this, it is crucial to monitor the markets in the next week and look for evidence that supports either case.