Cryptocurrency
by Seth Parker on June 8, 2018

Bitcoin Diamong Analysis – Scam or not, buying is not an option

As you can see, today we already analysed altcoins that are suffering heavy losses and are having a fully tradable sell signal. We will not change this pattern and we will continue with the third big loser for the day: Bitcoin Diamond. Many people claim that BCD is a scam and that traders should stay away from it. I am not here to judge if that is true or not. We gathered here to asses the perspectives for the price of this coin.

Bitcoin Diamond Chart

Today, BCD is down almost 5%. You may think that this is huge but comparing to what this altcoin did, it is nothing. At the beginning of May, Bitcoin Diamond traded around 44 USD. Now, the price is on 18 USD. That means that in slightly more than a month, we lost around 60% of the value! Maybe for the crypto market that is not much but this happen in May, not January and February, when we had a crypto carnage. BCD has no trust among the crypto community, that is one of the reasons why it is suffering such heavy losses.

What are the current perspectives for the BCD?

Sell, Sell, 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.

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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