I made a comparison of the current bid and ask sums on Bistamp and Huobi, with the ones during the second half of September 2014.
The differences are massive: for Bitstamp, they suggest a major drop starting 3 - 5 days from now, and reaching 155$ - 180$ about 20 - 25 days from now.
For Huobi, the bid sum has increased a lot, maybe the reinstated deposits are working and there has been fresh CNY entering Chinese exchanges.
This complicates the situation, because the direction of the market depends on who leads. To crash Huobi a lot of coins must be dumped.
What does bid/ask sum have to do with predicting major movements in price?
Jack shit.
GTFO of here with that useless FUD you worthless troll.
Let's see what happened...
With a lot of help from Chinese panic sellers, my prediction became true regarding prices:
Bitstamp 152$, BTC-E 176$, Bitfinex 166$, and mainland Chinese exchanges ~900CNY, let's say 150$.
I was wrong about the timing though, the first drop started 2 days earlier than expected and ended with this high volume capitulation 7 days earlier.
So my EW-derived method is not accurate with respect to timing... shrug.
The extra fiat on Huobi only made a small difference, it wasn't possible to stop this deluge.
And while this should be THE bottom, I wouldn't be surprised if support at these levels gets tested in a month or two.
