Short-term shorting opportunity below 500 US Dollar
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The risk that the price might fall is even below $550 starting to get lower around $525-$535 Below $490 is a large risk that the price might fall down to $440 or lower. I first bought at $457, but got again when the price fell fast from $534 and sold above $510. I just bought back at $510.
I don't know how much weight to put into CNY volume but when you look at gox for example (good historical chart) you can see volume really peter out up in the 200 handle.
For me, volume indicates value acceptance. The more value that is accepted, the more market participation, the higher the volume.
While creating the chart I got more confirmation when the price moved to $514. I think from now own it is more likely that we only test $500 as bottom again - and not $450 or $400.