The wave-a decline from 06-JAN-2018 ought to be retraced by a wave-b bounce retracing up to 38.2% (11510) to 50% (12606) with the average being at 12058 (Bitfinex).
Principle: Key to Market Behavior, Robert Prechter:
"A wave-b bounce are phonies. They are sucker plays, bull traps, speculators' paradise, orgies of oddlotter mentality or expressions of dumb institutional complacency (or both). They often involve a focus on a narrow list of stocks, are often 'unconfirmed' by other averages, are rarely technically strong, and are virtually always doomed to complete retracement by wave-c. If the analyst can easily say to himself, 'there is something wrong with this market', chances are it's a wave-b."