Descending Wedge Progressing to Completion

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
I've been watching the weekly candles slowly creep towards our original trendline with a certain amount of skepticism, since the $500 level. The blue trend reversal (indicator from SCMR) was supposed to have signaled our rally into the new bull markt. However, that rally was confirmed failed by November 23th and it was in no uncertain terms, the writing on the wall for bearish continuation. As if to reinforce the obvious, the last major Daily support has failed at $340 and we're now seeing a new 16 week resistance level printing over our heads at $380. This is all despite a fair amount of really good fundamental news with PayPal and Microsoft BTC payment adoption.

While I do make my living trading bitcoin (exclusively), I feel I should restate here that I do not profess to be a financial consultant or "an expert on bitcoin , a bitcoin expert." I do however, have *mad ninja skills* and it doesn't take a Satoshi Nakamoto to understand that when more and more large businesses adopt third party bitcoin payment mechanisms (bitpay, coinbase etc.) via immediate BTC to USD exchange mechanisms- it invariably equals increased sell pressure on the market.


it'll be interesting to see if we break out above or below the current channel in the next couple months.
I'm thinking banks, Western Union and Ripple will attempt to destroy Bitcoin. We're almost at the fork in the road.
Bless mad ninja skills
Absolutely ..
*mad ninja skills* Agreed!

I with you on the outlook, think very well-reasoned, and also where you've positioned the box. The only thing I'm not sure of is the level of downside b/w now and then -- by my estimates it will be lower, closer to 200 than 250ish. The reason being it's hard for me to see the daily & weekly level failing, and then only getting a 30-50btc downside out of that.

Nice charting all around though.
ninjabenja SPYderCrusher
Can you post your chart with the levels you've shared in the chat so people can see what you're talking about?
SPYderCrusher ninjabenja

This is the weekly scenario I mentioned, can see next target down ~200.

This is Daily target (taken last night):
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