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by Seth Parker on July 31st, 2018

Bitcoin Diamond Analysis – 18 USD was just too much…

Second piece of the day is Bitcoin Diamond, previously mentioned by us on the 9th of July. We were pessimistic, mostly because of the fact, that the price was bouncing from the resistance on the 18 USD.

“With all that, our sentiment is negative and the price should continue to decline. The proper sell signal will be triggered, once the price will break the black line connecting recent higher lows. „

bitcoin diamond chart

In the next few days, actually almost every day since those words were written, the price was trying to come back above that resistance. Buyers were unsuccessful every single time. Sellers managed to defend this level and today, bears decided to throw a decisive punch – the price broke the black line connecting higher lows. That is a direct trigger to open a short position here.

On Tuesday, the price is down almost 11 %. With this bearish momentum, the price should make new mid-term lows, relatively soon.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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