patterncast

Bitcoin fading away while world digests regulation and dumping

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I drew this chart over a week ago, let's see if price continues to follow the pattern outlined. Bitcoin fades as uncertainty in its future does not change. Until there are answers to the regulatory puzzle, Bitcoin will continue to fizzle away. The other downward pressure has to be the Bitcoin being dumped on the market from Mt Gox. There's also the suspicion that Satoshi Nakamoto may also release the $1 million Bitcoin further pushing price down.
Ernie,

With that volume pocket in the $7500 area, if price moves there, wouldn't you think that a retest $5920 low would be a near certainty? Also, how much value would you place on a close below the 9 month or 30 week moving averages?

Love the You-Tube videos! I really appreciate the explanations of volumetric analysis. Super helpful!
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