Gox insolvent? Head and Shoulders called it.

Panic stuck the market last night as internal documents began to leak  about a possible breach of cold wallet storage at Mt.Gox. More, internal documents began to  flow it was more and more clear that Mt.Gox is indeed insolvent. Then other Bitcoin companies and experts sent out this notice.  Prices quickly went down to under $400 per BTC on Bitfinex. However, if you were following me on twitter you would have gotten a heads up about this. As I pointed out, a Head and Shoulders pattern (Chart A) emerged a few hours before this big sell off (Chart B). Head and Shoulders patterns are usual indicative of a drop in price (read more about it on investopedia).

As always, make money when the market is going down by taking short positions on Bitcoin with Bitfinex and Plus500. Use referral code cgSJVGkGHV for 10% off trading fees for one month at Bitfinex.
Use this link for discounted fees at Plus500


Chart A

Chart B

On a more personal note I had about $2,000 on Mt.Gox that I was unable to withdraw from my account before this whole debacle started. If you have enjoyed my blog and twitter feed and you have some extra BTC I would greatly appreciate it. - 1ARxEjWei6j9tTqCbez3zTzf4ixxR9W78H

Thank you,

-BA