BITCOIN, trading within a descending parallel channel

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
As it can be clearly inferred from the chart, the price has formed a beautiful parallel channel and is now located at the upper boundary of it. Massive wick rejections can also be identified, which indicates a weak bullish pressure around the area of resistance. We are now expecting the price to keep dropping and reach the area plotted on the graph.

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