Vladimir Ribakov analyzes Bitcoin's technical setup on monthly and weekly charts, identifying a bearish divergence and a three-wave pattern that suggests the market is still correcting rather than ready for new highs. He expects a range-bound move with potential dips to buy, but warns the correction could last longer than traders anticipate.
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Hello traders, how are you? Vladimir here from Traders Academy Club, and in this video I would like to talk about the Bitcoin and is it time, is it time for the Bitcoin to rally towards all-time highs. So there are a lot of great technical things to talk about. But right before I jump into my charts, if you are new to this channel, first of all, welcome to our fantastic community. I would like to invite you to subscribe to this channel. Please follow the subscribe button below this video and remember to enable the notification so you know when there is a new video available for you. Also, I would like to invite you to join our trading family, the Traders Academy Club, and enjoy all our real-time trading ideas and real-time trading education In a very supportive trading environment in our club. The links to join, basically you can find them below the video in the description or in the pinned comment in the comment section. So what do we have on the Bitcoin? And it's very important now, I think, to remind you, if you watched My video, uh, it was about a month ago, and I published my video that the Bitcoin is about to fall and likely to fall hard. If you missed this video, right now on the right top corner of this video, you would find a direct link to watch it. If you didn't, or if you can't find it, go to my YouTube channel, watch this video about a month ago. And you would see amazing technical explanations why I thought it's going down. Uh, of course now it's easier for me to say it worked, but that's not the point here, that it worked. The point here that these technical things that you will see in that video would hint that very likely— and I might be wrong here— but very likely the Bitcoin is not yet ready for all-time highs. And that's what I would like to explain in this video. But right before that, I would like to ask 20 seconds of your time. If you find this video helpful and useful, first of all, feel free to share it with anyone you would like. And I hope, uh, you know, whoever watched that would get a great help, uh, I intend to deliver. And please hit this like button below the video Drop some feedback in the comment section. 20 seconds of your time is huge help for, uh, me, my work, and this channel. That's how YouTube algorithm works, you know. So going back to the charts, why was I after sell, uh, back months ago is the same exact reason why I don't think yet that the move down is over. And my reason starts starting from the monthly chart where we can see here a bearish divergence on the histogram and the RSI. But the interesting part is the weekly chart where we've had 3 huge waves with the last wave becoming smaller, creating false breakout, right? Fake high Bearish divergence everywhere on every indicator. Just remove that. And a fantastic sign that a corrective movement is likely. I'll see, I'm getting alert from my indicators. Just close that. So, um, taking that into consideration, after 3 waves, uh, and a bearish divergence, we are likely entering a corrective phase. If this analysis is correct, we should be experiencing some 2 waves down or any sort of a range movement here. And this is why I don't think that the corrective cycle is yet over. I do believe that the first leg down is coming to the end. Now, what does that mean, coming to the end? We can see this one massive Sell-off we've had. We all remember that. Usually after that, it's it's kind of like you know after huge storm, there is this still following wind, right? So same here. It's after big storm. It's now still the inertia, the inertia. I hope I said it correctly in English. The inertia of the bearish momentum, and still pushing that, dancing it, slowing down, slowing down, slowing down. I do believe that this area here, from the current lows we see through the low of interest here, you see this area, this is a massive zone, and I believe it will slow down this area and attempt to rally. As I said before, I am doubtful the corrective movement is over. I do believe that the price is now looking for some comfort zone where I would say stabilization or stability zone where the buyers and the sellers both feel pretty much confident and comfortable with. It's not going to be the accurate level because it's unfair to ask from the market to give you the exact level. It's always a zone. And I believe that here we should see a slowdown. And with new lows, if they are created, I would be hunting here for buy opportunities for the short term. Again, I'm doubtful. I might be wrong. And for those of you who are hodlers, I hope I am wrong, but technically speaking, as much as we can connect the cryptocurrency to technical analysis yet, we should be experiencing the corrective movement a bit longer. So again, I do, as I said before, I'm doubtful the bearish correction is over, but on the other hand, if we do get lows with these bullish divergences likely to develop, for me it's opportunity just to jump in because I do expect a fight from the buyers with every low to be created. I do expect a fight from the buyers which could deliver amazing opportunity because we know that rallies can take place like 10% instantly, 20% instantly without blinking. And that could deliver, of course, amazing opportunities. On the other hand, such drops, they are amazing opportunities to remind everyone watching this video that this market is going nowhere, very likely. Uh, the lower the price drops, the more buy opportunities you should find. I'm talking— not talking only about the Bitcoin and the Ethereum, I'm talking about generally the whole market. So consider that as your chance to find the projects you are interested in and to look for your possible opportunities. Just remember something very important in this business, in the business of trading, especially if it's investment, and especially if you are talking about holding for, uh, longer runs, or as the term in Crypto market is known hodling. Then remember, do not risk money you cannot allow yourself to lose. It's very important thing. It's not a financial advice. I don't intend to tell you what to do. I just tell you that risking money you can't allow yourself to lose, even if it's twenty bucks or two thousand bucks, everybody has different situation. It's not smart. That's a personal friendly suggestion. Okay, that's it for this video. Let me know how do you think? What do you think about the Bitcoin? Are you still bullish? Are you bearish? And what would be your levels of interest? And what would be your levels of prediction for the next movement? Take care. Stay safe. I'll see you soon with more videos, more ideas. Bye for now.
