4hr BTCE - The Bull's resolve is being tested

In what can only be described as dramatic (and maybe even a little capitulate-ory...is that a word?) price action, BTC-e saw double digit percentage losses today as a plethora of fundamental events have hit the market since the end of the San Francisco conference. The end of that event should have been a warning sign (sell on the news) and indeed price headed south shortly there-after. Interestingly, this dump in price has not been accompanied by momentum or volume suggesting that OTE long zone (and the sweet spot in particular - 509'ish) of this entire bull rally may be an interesting level to consider. I find it interesting how price is now using the well mentioned bear ab=cd target (534.11) as a pivot. If that level can be reclaimed, the worst of the storm may be behind us - for now...

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