My short view is being confirmed strongly by the Bitcoin bears today. Of my two scenarios (see related ideas link) the downward scenario 2 is now confirmed.
We can all only speculate how far the retracement is going to go. $5,700 seems very likely.
Without strong market or buyer side signals we may even see the $3,215 level tested again.
My crystal ball says we will hit bottom year-end and then see the uptrend again.
Keep in mind two things (A) the overall downtrend since January 2017 is still very much pressing down on the market.
And very important (B) the overall market capitalization of the crypto market of now just above 200 billion USD is for example just below the value of Wells Fargo only.
All the crypto market analysts and folks trying to make a buck are betting the money on this level of market value.
Sometimes the crypto hype feels a bit overstated which explains why capital is bleeding away after the end of 2017 super parabolic hype.