No, it is not possible to bid against oneself with a single account.
If you're in the lead and you enter a new, higher bid, only your max bid will change – the maximum amount that we're allowed to bid on your behalf. No additional bids will be placed unless someone else bids against you.
If an item has not met its reserve price, you can bid several times in a row, without other bidders being involved. You can think of this as "bidding against the seller's reserve".
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