It's looking like the window is passing for one last bull trap. We're being suppressed by the legion of shorters on Bitfinex, who are absorbing the last of the bulls trying to break this upward. This also explains we Bitfinex does not have the usual premium over BTC-E. You'll notice that BTC-E actuallt formed a nice ascending wedge at this level, whereas Bitfinex and OKCoin are much more suppressed into continuation patterns.
Short the break down, but be careful trying to catch this knife, it's hard to know where support really is.
Short the break down, but be careful trying to catch this knife, it's hard to know where support really is.
Comment:
Welp the bull trap did finally happen, now let's see if we get some dumping over the next 24 hours.