BITSTAMP:BTCUSD Bitcoin / Dollar
Long trade entry would be taken at the 'D' completion of this pattern; at $249.24. There are actually a couple of patterns working together right now. The Pattern (link to chart below) appears to be pulling us down into the completion of this . Or, I suppose you could just say that it was fundamentals that sponsored the "unforseable" and sudden drop in price, via yet another market which ran off with user funds (http://goo.gl/rU58EZ). Whichever you like. Typical targets for the are: #1 @ . of CD; #2 @ . of the distance CD.
The only thing I can be sure about is that a bullish reversal here is in the neighborhood of 80% more likely than a move beyond 'X', based on historical back testing with various currency pairs. Does that mean this pattern can't fail to meet both targets, or just fail all together? Unfortunately no. That being said, I trade the pattern- stops below 'X'.