Quote from: dreamspark on May 24, 2014, 07:57:23 PM

Quote from: Essex343 on May 24, 2014, 07:53:51 PM

Quote from: dreamspark on May 24, 2014, 04:53:35 PM

Quote from: Raystonn on May 24, 2014, 04:30:09 PM

Double top on the daily chart. The order book on Bitstamp still looks bullish. But that double top may be problematic for bulls.

"The pattern is completed when the security falls below (or breaks down) the support level that had backstopped each move the security made, thus marking the beginnings of a downward trend.
"

source- http://www.investopedia.com/university/charts/charts4.asp

A double top is an M not a U it has to break back down past the point of support to be a double top. If it fell to around $420 you could call it a double top...

well, it wouldn't really make much sense to wait for the formation to be confirmed in that case, if you were trying to profit on the move from the top to the neckline... fwiw, i kind of think it will play out like a double top.

Not disagreeing with that, I said I agreed if you think its going to form up thread. However OP said there was a double top on the daily which there isn't.

I think were more likely to see a pull back to $505 ish by tuesday, form a nice cup and handle and move up from there. I don't see this crashing down past $470 certainly in the time frame to cause the double top. We will see.

I think we will definitely at least pull back to 500ish, but I also think that may be an important level to watch and if it breaks, we could be looking at a larger correction that could pass 470 imo.