That is what is known as a "Head and Shoulders" pattern. A reversal pattern. That one is the type that breaks down. There is also an "inverse H&S" which breaks up.
http://www.investopedia.com/terms/h/head-shoulders.aspYou're welcome
![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
Edit: Too slow, samson beat me to it
Edit #2:
We had one at the $166 top which played out perfectlyInteresting. Because while I don't believe in TA, (epecially for bitcoin lolretard), people do. I have always seen TA as a voodoo that people think is real only so smart guys who can move markets can paint a picture for them. When you say it played out at $160, people are now primed to think it will play out again, and that's when you pull the rug..... but obviously just a thought, downside risk seems all too very real.
The one mentioned in the OP has already finished it's move out of the H&S pattern, so no rug pulling today
![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
Usually they take anywhere from days to weeks to form and complete, so today's pattern was likely not an actual H&S and just coincidentally looked and finished like one.
This is the one I was referring to though.
![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fwww.sierrachart.com%2Fimage.php%3Fl%3D1373162630348.png&t=665&c=eBPBjIK2ow6l5g)