TheSleepyTrader
Short

Closing wedge over the weekend - USD/BTC Trending Down?

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
1088 3 5
We look to be in a closing wedge on the 1 hour ticks that might indicate some further losses on the USD/BTC price (or buying opportunities).

Looking at the charts we have had resistance at $780 multiple times as well as what looks like a lot of sell volume during the Asian hours followed by low volume buying in the opening of Europe.

The blue trend line is providing continued resistance (first last night and again at the moment) so provided that holds for the new few ticks I expect to see prices back down at $680 early tomorrow morning.

If the price goes through $680 tomorrow morning, possible on the typically low volume weekend trading, then we may even see them fall further to $450 before finding more support again.
Do you still see this happening?
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Possibly on a slightly longer timescale than I originally thought, we broke over $780 for a while and it now seems to be forming some support (and another wedge).

There was very heavy selling volume about 1 - 1.30am GMT from the Asian markets which pushed us down below $780 for a while. I think we will see a repeat this evening and might get down to the $680 by early Monday morning. Whether it will bounce from there I am unsure but this is starting to look like a very quick double top.

I am starting to think we won't see lower than $680 this time around. Peercoin and Primecoin are my big bets at the moment, Peercoin (PPC) in particular already up to $2 from $1 last week.
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Broken up a bit through the blue trend line, but still a lot of resistance at $780 (There is massive sell depth on GOX before $800, but almost no buy depth until we get to $650).

I think 5 - 6pm GMT will be a key time to see if we go above $780 or start to fall back down as I expect. We should go down to about $680 but could find support around the orange upwards trend line about $730/740.
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