The chart above is self explanatory. You can see three very bearish patterns:
a rising wedge
a descending channel
and possibly a giant inverted cup-and-handle formation
While I don't believe bitcoin will break out of the downtrend channel, I allow for the possibility of a false breakout up to the upper edge of the rising wedge or slightly above. If this happens we should witness a quick downward bounce and a downward rally. I will not predict the bottom price, in any case it will be low.
Of course, I could be very wrong and not see something obvious so I am open to discussion.
I don’t think technical analysis works 100% with bitcoin. It is a world wide beast of its own.
stanosky
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@CrazyCarmines, In that case, point me to an asset for which technical analysis works 100%, I will gladly abandon bitcoin.
And seriously, I don't think anyone on this site thinks that technical analysis works 100% for any asset. And even if someone like that is found he is either a novice or is a naive fanatic.
I think more that there are more people here who are more attempting to do technical analysis and doing it wrong than actually doing it right. That's probably where your misconception that technical analysis doesn't work for bitcoin comes from.
I myself do not claim to be the alpha and omega, moreover I think I am wrong very often.