The Eiffel tower pattern is essentially a fast price rise followed by fast price fall, effectively mirroring the price rise to the price fall like an Eiffel tower. Price of this pattern starts off choppy, but making new highs gradually. When market participants realize the path of least resistance is up, price develops into a new phase of exponential growth. This high price level become unsustainable and fall until it retraces all of its gain. The pattern was first coined by Chris Kimble, a professional hedge fund/portfolio manage as an example during periods of a bubble. A pattern like this is purely speculative, I think this quote fits perfectly.
Eiffel Tower Pattern:
www.ibankbitcoins.co...iffeltower_chart.png
Eiffel tower excerpt from the original traderplanet journal:
www.ibankbitcoins.co...ffeltower_chart2.png
"If we were alive 200 years from now; one thing wouldn't change -- people would still make key investment decisions based upon fear and greed!" -- Sir John Templeton
I plan to write a longer version which includes how to trade it and so forth, not enough time today. Leave a comment below on what you think.
I do live trades and bitcoin market analysis daily. Follow me on my bitcoin trading blog and twitter: ibankbitcoins.com, www.twitter.com/ibankbitcoins
Eiffel Tower Pattern:
www.ibankbitcoins.co...iffeltower_chart.png
Eiffel tower excerpt from the original traderplanet journal:
www.ibankbitcoins.co...ffeltower_chart2.png
"If we were alive 200 years from now; one thing wouldn't change -- people would still make key investment decisions based upon fear and greed!" -- Sir John Templeton
I plan to write a longer version which includes how to trade it and so forth, not enough time today. Leave a comment below on what you think.
I do live trades and bitcoin market analysis daily. Follow me on my bitcoin trading blog and twitter: ibankbitcoins.com, www.twitter.com/ibankbitcoins
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