Yup, I was near certain the drop today was going to lead down to possibly $3200 area but then it just instantly changed direction right back up from $3400. Its a long/short whale war, I think some guys with longs were pumping in millions to protect their longs when that shorting kicked in earlier today, I can only assume some people with millions in longs hedging over and over to keep the long direction holding possibly until they can get out at minimal loss or a slight win. This might determine if we will see a freefall afterwards.Whatever the whales do, they'll need a lot of funds to break through the $100 zone from $3580 to $3680. Massive resistance here from 1 month of trading and people holding longs for a while at a loss who just want to close at break even . If you zoom out, it looks a bit like a 1 month long descending triangle on the $3500/$3600 area.
These sudden pump and dumps is one of the biggest reasons why going above 15x leverage ~6.2% price change is not advised, just for safety. When we get massive liquidations it is usually people doing 25-30 or higher leverage and with the ranges in the pump and dump between 3-4% it seems to be prime spot to liquidate these kind of gambling traders.