The absolute lack of any tangible fundamental information that influences the price of BTC means that you should seriously consider not asking or trying to answer why, what, or how prices move.
I'm surprised no one has challenged me on this comment yet.
This means that all of the "China is coming online...BUY", "Gold is down...BTC UP!", "The fair value of BTC is X" threads are absolutely worthless. It's pure unsubstantiated speculation which deludes and confuses the participants. If you are relying on Chinese buying, flight from gold, or a magic "fair value" to emerge, you are simply gambling. You have no science, no method, and no plan. You're holding onto hope and hope is one of worst enemies of the objective trader.