The 38.2% Fibonacci retracement off this sharp move from $5.26 to the first bottom of $4.84 was around $5. So the likely retrace to 5 after 4.84 was probably a wave 4 meaning that we are currently in a terminal 5 which will likely bottom us out in the 4.6 - 4.75 range before we head up in a meaningful correction higher.
Actually, it hit 4.58.
Edit: And 4.53 as we speak.
Edit 2: According to Bitcoinica's Open Interest chart, 7k from that move down were forced liquidations. The rest was just panic selling, then panic buying.