That market dump was placed EXACTLY at the time we were drawing the BOTTOM of the 2nd shoulder on the inverse H&S we are still in the middle of...
And, interestingly we saw a pretty big and somewhat irrational mempool inflation immeadiately preceeding it as well.
So IMHO we see the following two scenarios likely:
1. We trace the upward slope of the shoulder we are in and break up and over 12.5 within 6-10 days.
2. We fail at the second shoulder and drop to ~ 7.5-8.5k and resume CCMF (12k-13k) in mid march.
I think 1 is a bit more likely than 2. And the reason is: I think the action last night is indicative of someone trying to actually BREAK the H&S. Otherwise I think dumping ~2500btc (23MM USD) at MARKET is a terrible trade. And the mempool action is indicative as well. And I am not one to have much paranoid theories... Last night was weird.
*Edit to reflect the correct massive dump amount.