Take your eye of the Bitstamp chart and take a look at Bitfinex, which seems to be forming a more coherent pennant formation.

Bitfinex of course, is also the exchange where traders short and long (but mostly short) are leveraged out their tits with Bitcoins. What I think we have been witnessing here is basically low risk trader stop loss farming. The price spikes up as far as needed to squeeze out a glut of stop losses, then back down to squeeze out the longs. Because there are more shorts than longs we tend to spend more time in upper reaches of pennant before going against indicator expectation and spiking up (shorts out), then trending back down to depths, with a little spike right at the end to nail the leveraged longs.

Bitfinex is notorious for this. This is why I don't trade with Stop Losses. I have seen the high spike on Bitfinex practically match my stop loss before trending back down and never revisiting the price point since. Ended up being robbed out of what would have been a rather decent short trade. That was my last short for a few week until I got in at $626 just before crash.

This pennant has another 20 hours to run max, at which point it will be 4AM here, but late evening in China.....taking the all the action occurs during China prime time theory into consideration, we may say a break out from this pennant one way or the other 15 hours from now.