Bitcoin - the bigger picture: what to expect the coming weeks

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
About 1 hour ago I did an update regarding the price for the coming hours, which I predicted it will go down. This chart is focused on the bigger picture, as we need to cofirm the trend we are currently undergoing.

In some previous chart I already pointed out that there was a possibility that the breakout we recently had was just a throw over of the ascending wedge , so not a trend reversal. This has now been confirmed with the price quickly falling back down after touching the upper resistanceline from the long term descending wedge (light blue line).

So we are now back where we were, in the ascending wedge and approaching break down. This scenario, which i suspect is going to happen sooner rather than later, has the possibility to take us down to 220 within a matter of 1 or 2 days.

we are getting there.... watch the panic once 220 falls.
still waiting for a selloff. I think this sideways action will soon resolve to the downside.
price moved straight down through 240 level, touched down on 220. The current run looks like a bulltrap, and is currently topping off. It seems we aree going scubbadiving this weekend. Expect prices near or sub 200.
+1 Reply
Here's my chart and estimated end points...
moker-X Unapologetic_Capitalist
hmm it could be possible, though i doubt we are going to stop at 950. This final leg down will be the despair part, where all hopes are lost and everybody will think bitcoin is dead. My bottom for BTC/USD is somewhere around 100USD, if not lower (lowest 80USD, for a brief moment). We will have to wait and see, one thing is certain, plenty money to be made.
While I hope you're wrong about price going into double-digits, you're absolutely correct that public sentiment must get to the point of despair before a new wave cycle to another all-time-high can begin.

Definitely a good opportunity to make some money trading these impulse waves.
short term rebound from 226.35 is topping off right now. Get ready for one last leg down which should take us to our 200-220 target.
we are going for 220 on bitfinex. tonight.
bitfinex went all the way down to 235, breaking the 240 support. Time for a rebound to approx. 248, but then we will crash again towards 200-220. After that, big rebound.
Do you think 200-220 is the final bottom?
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