good points about TA, i feel like people are putting too much faith into it, and many of them are even pretty bad at making an analysis too!
in any case about this i have to say this is the only reason for the drops. just like any other big rise, this was met with a small short term bubble which needed a correction. and this correction starts by short term aka day traders selling their coins to get their short term and big profit out to get ready to buy back at the bottom of the dip. the only problem was the follow up market reaction to that simple move! which was filled with panic.