I moved from Long to Short as of 02:15 UTC 1/24/14. I’m not sure what is going on in China, or why it is going on, but Huobi had a swift, increasing volume decline over a relatively long period (~2h). They could bounce back, but I sold at 800 when they were 16 points under Stamp. I’d prefer to get out of the fire than hope it cools down. With that said, I re-entered at 800 short because I expect the market to fall significantly if Huobi gets past 775ish, which it came very close to. I’ll be watching carefully, and may choose to escape around 795-805 down a little in trading fees, if the decline halts or momentum reverses.
China is a scary place these days. You never know what they’ll do.
As I write this, China is pulling up a little bit–back to 790 and then 795 with little resistance. It could be a manipulated decline, but that seems unlikely with how it manifested. I expect red candles in Huobi’s future.
EDIT: It looks like one of the main things holding the price up is the 800 wall on Stamp, which is nearly gone. Only 80 BTC left in it.