I think we had a lot of dumps the past few days due to PTS and DNS redemptions, especially during the BTC panic rally.
The action on btc38 and bter has started to look bullish again in the past two days, relative to BTC. Many large buy walls are stacked close below current prices, while there is very little on the ask side of the orderbooks for the next 10-20% up. On bter the price has risen and orders have come in heavily under the price as it rises. On btc38 the current level has held for the past two days while btc has continued lower.
Of course, as always we are heavily influenced by what happens to BTC.