Speed
Short

Diamonds, Bears, and Bulls

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
356 8 3
It seems to me that the BTC market may have developed a diamond pattern. Drops are often ~10% and gains are ~18%. If the pattern holds, I think we could see a strong ~10% sell off over the next few days to ~110.50USD. Weekends have been some of the most volatile times to hold BTC so a big movement downwards would not come as a shock a the week comes to a close.

The drop downward would then meet with resistance from the 8hr Ichimoku Cloud . This makes me want to believe a further sell off is unlikely, in which case we'll see a strong rebound to ~130.75 by September 5th.
snapshot
If the sell off does continue, the next stop in the pattern would be the 1D Ichimoku Cloud.
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A sound theory but it goes against my religious belief that BTC will be 5 figures tomorrow. Always tomorrow.
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Great call. If it does truly dip that low on initial drop, you will definitely see one happy trader.
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Closing @ 120.04 with 2.45 profit, but doesn't look like it will be a worst case scenario will come to pass.
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DrewR Speed
I think you spoke too early. If you measure the difference between the peaks and proximity to their nearest intersections, they seem to shift equidistantly while the trough also shifts by relatively the same amount, therefore, would it not be safe to assume the trough for the next period would be shifted equidistantly? Placing it further to the right of your initial arrow point. Thoughts?
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Speed DrewR
But I was following your ATP mantra! (Always Take Profit for those not in the know.) You may be right and I just mismeasured, though I sure hope we don't see a 10% drop in the next two days.
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DrewR Speed
Did you take profit? If so then thats all that matters! We don't want to be pigs and get slaughtered; at least I don't.
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Marking the day and price... At 9/4, the price was 130.68. Did I blow it? Or nail it?
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