Oh oh, how could we not see this giant WEDGE?
We may be in for a thorough correction exploring the strength of that 100$ resistance once more, if this bearish wedge breakes down.
This forecast is neutral, because things are not as clear cut as this pattern would make you think:
1: The SR crash recovered very rapidly (although on low volume)
2: We had a break through of the 150$ recently (that could still proof a fake break out)
3: Strong Chinese buying going on
Also as someone pointed out, the same graph with Bitstamp data looks slightly more bullish, add to that BTChina and at least we have normalized volume. The wedge remains a bearish scenario nevertheless.
So just keep this in mind so it doesnt hit you out of the blue when it happens, if it happens;)
We may be in for a thorough correction exploring the strength of that 100$ resistance once more, if this bearish wedge breakes down.
This forecast is neutral, because things are not as clear cut as this pattern would make you think:
1: The SR crash recovered very rapidly (although on low volume)
2: We had a break through of the 150$ recently (that could still proof a fake break out)
3: Strong Chinese buying going on
Also as someone pointed out, the same graph with Bitstamp data looks slightly more bullish, add to that BTChina and at least we have normalized volume. The wedge remains a bearish scenario nevertheless.
So just keep this in mind so it doesnt hit you out of the blue when it happens, if it happens;)