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Pop! Pop! Pop! There it goes again, can you hear it?
Either that's the sound of you opening your 3rd bottle of champagne, from the good money you made over the last few months or it's the sound of the "Bitcoin Bubble" bursting. The descent has started and its just a matter of time before it gathers steam (pardon the steem pun).
To have a larger view of the chart, just right click on the chart image and select "View Image"
The chart above, illustrates what I commented 5 days ago in my post 26th June 2017 (please read)
https://steemit.com/bitcoin/@supertrader/bitcoin-bearish-price-targets-current-price-usd2-513-26-June-2017
"Bitcoin ...resistance remaining at $2746." with my advice over the last few days to sell now.
It should be noted, that this is our second chance as we would have made money on its descent last time I advised.
What we can clearly see from the chart, is that the Bitcoin price literally has CONERED itself, shown at the point where the upward trendline (diagonal red line going up) and the down trendline (diagonal red line going down) meet, as I write on 1 July 2017. To make life easy for you I have marked it as a big red arrow and labelled it APEX of the triangle. An apex often signifies a breakout and possibly an explosive move up or down. The apex also signifies indecision between the buyers and the sellers, which is not surprising given the debate surrounding the adoption of segwit leaving the Bitcoin Community divided as to whether to implement a softfork or hardfork (BIP148). MArkest don't liek indecision and teh tendency tends to be BEARISH.
We wil receive confirmation of a descent when price action breaks below the most recent low, formed on 27th June @ $2,298.30. It should be noted, last time price found support @ $2,153, so let's moniter if the buyers are still willing to push the price up at this level or will we see all hell breaking lose?
If you are holding Bitcoin, you could think about selling out now and then buying again at a lower point, in keeping with the trading maxim "buy low, sell high".
Hope this helps.
Analysis by: Sean Vengan 1 July 2017
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