You've got it right on about the patterns in the price action. I certainly think that this dead cat bounce is still in the formation and there's no reason to get anxious about it as we see a lot of around here. There are some similarities if you look at the chart, but there is much more going on underneath the surface, as is always the case with markets.

One other factor here is the introduction of futures contracts enabling shorts to be opened. That has never existed in the bitcoin sphere and is a huge part of what may be giving us such placid price reaction. There might be some large hands selling the bounces up to try and keep a lid on the bitcoin monster...