Yesterday, we were trading in a tight bull flag at around 242. I made a call and went long at this area expecting a breakout higher. I did not capitalize it, got shaken out before the rise. However, I've noticed something very interesting. There was a huge margin call on the short side valued at 11825 contracts. Take a look at the numbers below. How big is this size? the second largest account holder on OKcoin.
Big players and most likely very experienced traders test support and resistance and see how the market reacts, then they choose a direction.
From this morning, I suspect the person who dumped multiple rounds of 1000 coins is the same as the person who short covered.