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by Seth Parker on July 9th, 2018

Bitcoin Diamond Analysis – 18 USD is still a strong resistance

The last analysis of the day, will be about the Bitcoin. Not the main one though. This piece is about the Bitcoin Diamond. Previously, we wrote about this coin on the 8th of June, when the BCD was trading around 18.4 USD. Back then, our outlook was negative and we said that buying BCD is not the best option in the world:

“Sell. Technical analysis gives no other option than the further decline. Fundamentals are not better either. To be honest with You, the 60% drop mentioned above may be just a beginning. Currently, we are above the significant, mid-term support above the 18 USD but once this one will be broken, Kraken will be released and the gates to hell will be opened. “

So was that support eventually broken and if yes, what happened afterwards?

Yes, it was broken. Two days after our analysis was published. Was the Kraken released? Definitely. In the next few days, the price lost 50% of its value and touched levels slightly below 9 USD. Since that, BCD is undergoing a bullish correction. Actually, that correction are weird bull runs that try to break the resistance on the 18 USD. Intra day volatility is huge but all recent attempts to go higher were killed. Most of the recent daily candles have long heads, which is showing us the counter attacks from the supply.

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.

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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