As you can see, the Paypal spike was actually much larger than this one and the market corrected as if nothing had happened within four days. The indicators (that I use) are a bit useless on the hourly right now, but the certainly senses a bit of an uptrend. However, the price was firmly rejected by the top of this and the mid-term support that has turned into resistance (I'll post a zoomed out chart in the comments to show this all more clearly).
There's some very strong resistance above here, so I'm going to put a little short trade on and we'll see what happens.
Also, if you'd like OKCoin to implement an OCO feature that would allow contracts to have stop and limit orders placed on them simultaneously, vote here: http://okcoin.uservoice.com/forums/27641...
Things are going as planned. We've spent a lot of time at this vital level with many attempts at breakdowns and bounces. I think it's becoming clearer that we need to go down more and I've drawn another event horizon in blue to show the latest time at which the big move can happen. That dashed purple support is the mid-term support that's been broken on Western exchanges, but still may be in play on the Chinese ones. Sit tight.