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.
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khoilevt lionshare
i don't think so . russian crash is good news for bitcoin :)) . because , bitcoin will be the next fiat of the people russian ...
HA! We can dream. I would shit if btc took off in Russia because of this nonsense.
ninjabenja lionshare
NO ONE CLICK ON THIS LINK - SUSPECTED MALWARE!!! Add also, disable flash from running automatically in your browser and get some GD two factor authentication on ALL your accounts.
ninjabenja ninjabenja
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
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