Could the sell off be a manipulative dump in order to obtain more cheap coins before China takes off after their New Years Holiday bank closures end? Just thinking here.
Bear traps are built in a way that are scary and create panic among the regular folks. So, the sales during bear traps are constant and steady for tens of minutes, so everyone will get their time to panic.
When there are big dumps with proper intervals, then someone with a lot of coins wants out and he wants it quickly with "good enough" profits.
800 held with the choo choo folks building their buy walls near that sum that eventually got eaten by big sales. With this small volume you didn't have to buy a lot to drag the price back to 800, and then wait till new buy walls were built, and then another big dump. Now we are dropping below 800 because the number is losing the faith of the choo choo folks.
But I don't think that the drops in coming days will be very dramatic... we will probably see a new number at 780, and the dance will continue for some time like with 800.. we will probably see 760, 740.. and until even the regular folks see the pattern, and then there will be a sudden drop.
I think that people are blind to hope that BTC will still rise, even with important markets closing. People are so religious about this subject that BTCCHina's "Well, we opened our bank deposits and we hope that we aren't doing anything illegal" statements actually seem like good news to them, not acts of desperation.
Open new markets with high volume in new geographical locations and I'm back being bullish! But this whimpering with building weak hope around China's dying market is kind of pathetic...
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