The market is in a crash pattern. Look at how volumes decline with rising price - it's apparent on 12h.
Also, despite the way it's dumping, the number of shorts on Bitfinex is decreasing while the number of longs rises. In other words, there's plenty of rocket fuel for a dump if the longs get squeezed. I wouldn't count on seeing a proper bounce without a spike in the number of shorts first.
RE: Bitcoin reversal structure invalidated ... anyone else getting rekt out here?