PW
Short

BTC Bearish Pennant

PW  
MTGOX:BTCUSD   Bitcoin / U.S. Dollar
386 4 1
Given the overall downtrend, this would appear to be consolidation before going lower in the form of a bearish pennant .

http://blog.nobletrading.com/2010/01/bearish-pennant-chart-pattern.html

Updated: the bearish pennant was rejected which was very bullish. I went long after as indicated below. Now we have reached significant resistance at the neckline and I am selling.

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Update: We may have morphed into a new bearish pennant
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Result = fail.

But I still bought in when we breached the pennant.
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Updated, still holding:
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