China isn't moving because the Chinese are asleep.
China is down -5.7% over 3 days.
Also the arbitrage is closed, which means that west will have to raise the price to $1,000 by themselves.
We are also more than 2x ahead of the long-term trend, which is a very extended position.
Bid/ask charts are quite tilted towards the latter. Especially noteworthy is the lack of bids $700+
Volume is low.
Ch00000000000000........EDIT: the last one is pronounced: "irrational exuberance is running rampant in the forum, expecting price to rise based on previous rise"We all know you are praying for cheaper coins, Risto - just try to keep it serious, right?
There is a $5M wall on Gox at $800 - $12.2M till $700. That's 33% of the bids from $700 to the current price, that's a healthy depth.
On Bitstamp the situation is pretty much the same - aprox. of 30% of the bids are placed between the current price and $700.
So... That's a "lack of bids" in your book? Historically most of the bids have been placed from 0 to 50% of the price at a given moment. That's normal in BTC because everybody is trying to profit from the big volatility. Right now 75% of the bids are placed above 50% of the current price.
The bid depth is looking bullish no matter what, my friend.