After being extremely skeptical about the "bull break" yesterday, I was very, very confident that there wasn't anything moving prices up and prices fall. Now, we're looking at a big bear break that totally dwarfs the bull move.
Once again, the factor here that led me to know that the bull break was fake was volume. There was only three (3) minutes of bull volume to push prices up. Additionally, this bull volume was decreasing. Naturally, without bull volume to help the price action continue, there's no buying volume and profit takers show up which eventually breaks supports.
Had we broken bullish yesterday with continuous bull volume, that would have been two good signs for a bull move. However, this didn't happen, so we knew it was a fake out.
Additionally, this pattern has been extremely predictable for BTC as it's been happening a lot lately. There's a dump, consolidation, spike up. Movements out side of sideways trading consolidation are very, very jerky and non-continuous.
For now, we found a double bottom support at $3,481. Realistically I think this will break.
