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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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You have real good quality posts sir
But sadly underrated; liked, followed and resteemed :D
Thank you for your kind words.
And yes I totally agree, I guess when your offering 10yr+ professional trading and investment advice for free, people think its too good to be true (where's the catch?). Whats ironic, is all one needs to do is vote, resteem or comment and we all earn money =) A SIMPLE CLICK is all it takes
Appreciate all those who read to VOTE, RESTEEM and FOLLOW, to ensure I continue giving you valuable insights.
Thank you for your comment.
I think with all the respect that your chart analysis it is a bit wrong, I don't think the bubble is popping and if you look at the log weekly chart you will notice how much can keep growing in price before to get on the top of the channel... by the way that's only my opinion, none can know for sure what is going to happen, especially from the 1 august when segwit will be activated...
You're absolutely right in that my guess is as good as yours and the 1 August segwit adoption is a pivotal point - any trader who tells you he knows for definite what is going to happen in the future is talking complete BS (including me, unless of course they have "inside information", which does exist). I am the first to admit I'm WRONG plenty of times and thats why it's critical we ALWAYS USE A STOP LOSS, to manage our risk and PROTECT US when we are wrong.
I'm under no illusions that my opinion is exactly that - just an "opinion", which has a probability of being just as must wrong as right. The beauty of exchanges and markets is that we have buyers and sellers with diametrically opposite views.
Don't feel obliged to, but onty if you feel comfortable post a chart here so we can all learn from what you see. By the way, you're spot on using Log charts.
I encourage you all to challenge my perspective.
My website http://cryptotradingmastery.com/ (soon to be launched) has in its name MASTERY.
To master ones skill/trade we must always learn from others (think Karate Kid and Mr. Miyagi =) ).
Everyone has value and only a fool thinks h/she know better than others.
I am a STUDENT of the financial markets and ALWAYS WILL BE.
Trust me, when you think you know it all guess what happens ? BAM! The Market humbles you asyou get too cocky.
Thank you for your insight and comment,much appreciated, please share more..
Welcome to steemit.i hope u are enjoying here
I have followed you .please follow me at @magneticvibes
Thank you I will.