Well well well, it would seem that the effect of Chinese events and Chinese trade is in fact proportional to China's volume after all. There have actually been many pieces of bad Chinese news in the past weeks which have failed to result in new lows or sometimes even a reaction at all. Meanwhile the volume of chinese exchanges has dwindled to about 1/3 of what it used to be. I suppose, barring a complete shutdown of the Chinese exchanges, we will need to see some news on an entirely different subject to continue the downtrend.
Is that a bullish comment? I'm not entirely sure. TERA's reversals are as subtles as market's reversals.
If you haven't noticed, I've kind of just been trolling around and making jokes. I'm not particularly bullish or bearish right now. I feel flat, like the market. The charts are confusing me. One one hand, the weekly chart and the long term chart looked like they were in a really bad position and that a huge correction was due back to some lower trendline, and there are all these unresolved things about millions of coins and about China. On the other hand, however, there is all of this massive growth and adoption, and really significant news events, all happening recently pushing it up and causing this not to happen. I tend to scoff at a rise over a news article but lately it's just been a barrage of dozens of news events. This may manifest into a long period of flatness as the bullish momentum slowly drills away at the downcrossed EMAs on the W1 chart. Then again there could be another downwards move if there are more negative events, however it's starting to seem like a risky bet. Of course it would probably happen right after I bought.
There may have been an inflection point when someone purchased 40,000btc offline...