Bitcoin is in a correction at the moment. We have breached the 50% Fib retracement. We have a high probability of heading to the $7450 price range. If we do, we must also respect the $5,800 price zone as well. We will scale into a long position as price comes back into these zones. In the mean time I would be patient and wait before entering. Be mindful of the 50 day moving average as it is sitting at a key level of the golden ratio for a bearish correction. This will be a typical bull trap for those not familiar with corrections. Price can shoot back up to the $9k range before resuming the bearish move to the downside. Also be mindful of the bearish flag that's forming on the daily chart.