It is going down - 500 to be tested soon.
Reason: we are not that much below the long-term trend, so given the sentiment, we are "hanging in the air" when the solid ground is in 400-500, below that is a steal and above that is hopes.
Well, I hope you are right, I had a large deposit which hit today Bitstamp and I placed all my bids between $520 and $400.
Doesn't look too good ATM to be honest, but patience is a virtue.
There's $23m+ on stamp's order book. where did that come from? i find it hard to believe all the people that got goxed that want to buy coins again sent their fiat to stamp so quickly.
Well, a little bit of that is mine. I guess that many bitcoiners followed the same line of thought I did: they got all excited by Gox going down, they smelled blood on the streets and they rushed to send as much fiat as possible to the exchanges to buy as many cheap coins as possible... And they failed. At least for now

It is quite possible that there was quite a bit of money in fiat waiting in the reserves on bitstamp... and that money was NOT newly deposited into bitstamp today. However, now that there seems to be some quasi-resolution to the GOX situation (which still remains quite unclear), some investors are putting in their buy orders with their fiat and so NOW all that reserve fiat, is suddenly showing up on the books. I would venture to bet that there is quite a bit more fiat in the reserves waiting for a clearer signal regarding a GOX resolution and to thereafter jump in. When that GOX resolution comes, we will truly have to da moon momentum.. UNLESS there is some new shenanigans (what could that be? government sabotage of sorts?)