Diamonds, Bears, and Bulls

٢٢ أغسطس ٢٠١٣

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.