It's quite fascinating watching the trading.
Things are actually a lot more bullish than the valuation is doing justice to. There are major scare tactics going on but in between there's quite a frenzy of buying. I would not be confident about selling into this anymore.
For example, I just watched a 687 BTC shot get placed in the asks about 15 orders away from the lowest order. (i.e. a sellwall).
It took about ten seconds for all the orders below it to get eaten and within another 5 seconds about 25 BTC of the sellwall had been chewed at which point the wall was reduced and then ran off completely, sh*tting its pants.
Also, the dumps seem to come as a single huge trade or maybe a 2 to 3 max. Then it's followed by lots of smaller trades as it climbs back up. Thats another thing that makes me think nobody's dumping except a single entity plus a few others that that it frightens along with it.
UPDATE:
Look - trading has gone quiet again once it stabilised back up at 217.4. Thats almost exactly the price it was went to when the last dump was initiated. It went *straight* from 230 to about 219 in a single trade, then went to 211 and climbed back up in lots of smaller trades to settle again.