BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BITCOIN may well be shaping up to a three falling peaks pattern which is preceded by an uptrend and the pattern itself funny enough to all you bulls suggests a break further to the downside. There are three peaks, the first peak is the higher high of the uptrend, the second peak's high price is less than the first peak's high, and the third peak's high is less than the second peak's high. The peaks should be fairly similar in width. The suggested sell signal is triggered when prices close below the low price established by the valley between the second and third peaks.

Bulkowski (2005) claims that the averaged maximum decline before a 20% retracement is 17%; and that prices pullback to the breakout signal price within 30 days 59% of the time. 17% decline from the break of the pattern puts us roughly close to our golden pocket price that everyone i presume (never a good sign) is expecting at $7600 $7400.

It will be interesting to see if this patten plays out, as it is not something i usually watch.

Special thanks to for the excellent material on trading!!

I am not a financial advisor, this is solely for education purposes ( don't we all love saying that) ;)

Nice one!
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