The 200 daily moving average is still rising so I dont see this move as long term bearish yet.   It is part of an ongoing correction though, perhaps it moves this strongly because credit was introduced to the market by involvement of consumers and their credit cards.

This was sharply withdrawn leading to a reversal along with other factors.  However there is another dynamic which is not leverage but the reaction to the decline of the US Dollar.  Actual tranmission fees for BTC have fallen greatly and there is an uptrend in there somewhere to be found.   The speculation is where this line resides, I dont agree there is no uptrend just yet.

The current target right now would be the longer term 2017 dynamic which is around 9137 would be your upside target even if bearish medium term thats possible.   A proper decline should confirm the previous uptrend I expect