ninjabenja

Descending Wedge Progressing to Completion

Short
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.