This is the largest correction I have personally seen since I started mining in February 2017.
Historically in the last 3 years we have closed red in January;
(2017, -0.2%) (2016, -14.5%) (2015, -32.4%).
We are currently down ~18% for January, 2018.
The uptrend from September 17th, 2017 was broken hitting a low of $9,222 or -20% in one day. Through buying or covering of shorts, the sell-off was almost entirely reversed. A $2,200 swing.
We are currently trying to break back over this but so far being rejected.
Drawing a from the all time high it looks like the early signs of a on the although it is too early to tell.
My target for this sell off remains at $7,900 with the $10,000 round number acting as intermediate support. I am reluctant to take a stance until we see how price reacts at $12,950 resistance.
Thinking of market psychology it is not normal for mass media to predict the top of a bull market. Therefore I do not believe this bull trend is over. I could be wrong in this assumption but I am interested in watching how this plays out.