Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

Bitcoin Analysis & Trading Plan - 2 October 2024 #forex #trading#forexsignals #fyp #shorts

2 Oct 2024 · 1 min

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Vladimir Ribakov expects Bitcoin to move lower based on a falling trend line and resistance on the daily chart, bearish MACD divergence on the 4-hour chart, and three lower highs and lower lows on the 1-hour chart. His plan is to sell the rallies toward key Fibonacci levels.

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Here is why I believe Bitcoin has more to offer to the downside. Daily chart respecting the falling trend line, the falling resistance line. The 4-hour chart completed a bearish divergence— higher highs on the chart, lower highs on the MACD— and the most recent trend line was broken to the downside. As that happens, the 1-hour chart completes a bearish price structure— 3 lower highs, lower lows. On a short term, pullbacks towards the Fibonacci levels are welcome, but as long as these Fibonacci levels will hold, I believe sell the rallies is the correct trading plan.