As previously forecast (refer my prior day blogs), the BITCOIN DESCENT has started. At the time of this writing (25 June 2017) , Bitcoin price stands @ $2,590.99.
We can see from the 1hour chart below, that resistance was encountered (diagonal trendline) and the descent started at a price of $2750, which if you were short, as I previously advised, you would already be in profit to the tune of $60 per position and now looking to ride the trend down.
On this 1hour time frame, we are looking for a Target of $2,132.78 locking in $620 profit per position.
Should you enter short at the time of writing this article, this wil represent a potential 2.3:1 Risk Reward - I have provided you the exact entry points, stops and target - all the ingredients of trading professionally, with good risk management.
As an investor (as opposed to a trader, speculating), it is not too late to get out and lock in the significant gains you may have made over the last few weeks, as I see a significant decline in the coming days/weeks ahead. Remember a "buy and hold" strategy always means you have the option of locking in your gains and re-buying at a lower more advantageous price, maximising your return on investment -all which I have forecast, in advance.
Hope this helps.
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Analysis by: Sean Vengan 25 June 2017
To have a larger view of the chart, just right click on the chart image and select "View Image"
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