I don't think there is really much room or momentum for a downward trend, we're looking oversold right now and if you look at the bid sum/ask sum ratio it's still quite a bit higher than the current price. So that means there is still an overabundance of fiat sitting on the orderbook, even though overall both fiat and btc have been leaving the book lately.
Yes - but where is it going? Surely not to Bitstamp, even if wishful thinking could lead us to believe that. Some coins went indeed from Gox to Bitstamp (but still a small amount compared to the amount that vanished from Gox's order book), but the fiat is nowhere to be seen.
I know is slower to move fiat - but anyhow this "draining" process started aprox. 15 days ago. If fiat was stampeding to Bitstamp we would have seen it, and the numbers just don't add up.
So... Scared bears with pockets full of fiat, willing to cash out profits for good? It's true there is not much moment (not upwards, not downwards), but cheaper coins are expected unless some whales hop on the train - which can always happen, Bitcoin market is so ridiculously tiny that just a couple of 7 figures players can change the trend in the blink of an eye.
