Well that was fun, right?!

Bitcoin shot up almost $1k in a matter of minutes only to chop around sideways for a few hours and then give all the gains back... and then some.

Sounds all too familiar right?

Well it should, it was a textbook Bart Pattern...

Remember these, where the price shoots up, chops around for a bit, and then drops right back down from where it came.

I was hoping this time was a little different, but alas it turned out to be what we saw over and over again during the last year or so.

Some saw this coming...

Arthur Hayes over at Bitmex may had an idea that this move possibly wouldn't hold tweeting this just prior:

"This rally aint real until we take out $15k"

That is a pretty big move before we start seeing a "real rally"...

Either way, he was right, as the price crashed right back to $9,500.

The price action we just saw gives me a little more confidence that we might see it after all.

If the price was ready to rocket higher it wouldn't be so easy to drop back down after it broke through a significant resistance point.

We should have seen a break through, and then follow through is there was a ton of positive momentum behind the move.

We didn't and there wasn't.

Hopefully, for my case, that means we need to dip first before we have enough fire power to move significantly above these levels.

Looking at the charts, I still really like that $7,600 area.

There is a ton of support there as well as a CME gap.

Stay informed my friends.

-Doc