In my opinion Lunar New Year can't be the reason of this drop. As you said it will be in about 3 weeks and I can't really see every single investor waking up and saying "Oh, I have to buy presents for Lunar New Year, let me take some profits". This sort of crash is due to fear and unconfidence. Yes, profit locking could be part of the reason but just a small one. I don't believe it affects market that much. Although the chart clearly shows how each year during this period of time a dip happens. I'm quite confused to be honest! Just holding my positions and buying more.