Sure. But unless you have a huge quantity of coins to sell, you cannot force it down by more than a few 0.00001s.
My interpretation on the situation is that it does make sense for latent buyers to buy because there is little to gain even from huge dumps (except if you arrange your buys as bid walls that the others have also done, aggravating the bid/ask imbalance). By waiting you win very little even if you are right. The walls are very real, nothing has been pulled during the downtrend.
I remember when 0.00334 was being defended with huge walls, after bouncing from that area many times. A huge dump ensued, taking it down to 0.00290 (lowest daily average was 0.00305, this is a better measure if you actually needed to try to buy that low). So a gain of less than 10% for the patient waiters.
If we just scale the numbers, the dump case now would be that 50k XMR get sold quickly to force the price from 0.00394 to 0.00342 as its lowest point, but the average for the lowest day would be 0.00360. This would scale very well with the ascending lows trend of 175-231-290-342, so would not be an impossible outcome (quite probable, actually) but also in no way "bad". Remember - it's only -10%, and nobody compels you to sell at a loss!
The upside is much more than 10%, and the resistance to get there is much smaller. I give this scenario a higher percentage as a result.
A shameless repost, I think this was a good analysis and would like to hear comments.
In general I agree with this analysis. Until there are some fundamental developments (database, GUI) completed that enable the flood of new users unwilling to tinker with Monero in its current state, price will continue to oscillate making higher lows each time.
I suspect the 0.004 level will hold for this week and then buy support will erode to sub 300 BTC, slowly dropping to around 0.00365. We will see the XMR ask sum around the low of 160,000 and that will be the sign it is time to go up again.
With that being said, there have been no missives for a couple weeks - this could mean devs are just busy or perhaps they are close to reaching some big milestone and delaying the next missive until complete. I have no idea, but I am not selling any XMR right now.
Now that I have finished buying, no I mean it this time, I will start looking for tops.
) 
"
