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 - 28 August 2024 #forex #trading #crypto #forexsignals #fyp #shorts

28 Aug 2024 · 1 min

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Vladimir Ribakov sees Bitcoin heading lower in the short term. The 4-hour chart shows a bearish divergence and a broken support line, while the 1-hour chart displays a lower-high, lower-low pattern. He expects a pullback to Fibonacci levels before more downside pressure.

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Here is why I believe Bitcoin is a sell on a short term. The 4-hour chart bounces off 61.8% Fibonacci extension with a bearish divergence— higher highs on the chart, lower highs on the MACD histogram. The 4-hour chart most recent rising supportive line is broken to the downside, and as it happens, the 1-hour chart is making Clean bearish momentum, bearish price structure. Three lower highs, lower lows. I believe short-term pullbacks towards these key Fibonacci levels, as you can see on the charts, are very likely, very possible. But from there, I would expect to see the Bitcoin pushing down again.