The buy walls are building, but we still can only absorb ~ 0.1 percent of all Bitcoins in existence (12K BTC) before the plummet to $266. Hypothetically that one guy on Bitfinex who flashed the 15K sell wall could do it by himself. He almost certainly won't, but when China goes dark, we'll find out if this is like April of last year or like June of 2011.
Is this what you're referring to? I saw 1500 BTC walls being flashed around on Bitfinex last night....but not 15K?
pics or it didnt happen!

edit: 1K BTC got pulled and the 500 wall was eaten

It was over a week ago. I don't have pics. So I guess he could have sold it by now a little at a time. My point is that there are are people with massive holdings who could profit by crashing the price to buy back cheaper. The easiest way to get bitcoin is to already have a bunch and take advantage of a vulnerable market the way George Soros made a billion dollars in one day shorting the British Pound. There are sharks out there waiting for the signal from China to eat us alive. The question isn't up or down. The question is how much lower.
If I was an evil billionaire (possibly redundant term), I would buy hundreds of thousands of bitcoin off exchange from miners and flood the market, keeping prices low for months while I bought more coins from miners at the new lower price. People keep pointing out that fiat is infinite and bitcoin isn't. Rich guys can use time as a weapon against us. They can wait us out.
I hate to agree with you BJA regarding your underlying facts, but that is very close to the same theory that I had described regarding what is likely to be going on behind the scenes.
I do NOT necessarily share your doom and gloom scenario that they are going to be able to keep it up - but it is possible that prices could be depressed for several months... I am NOT so confident on such a continued downward trend as to sell, though.