Vladimir Ribakov breaks down a Bitcoin short trade from October 2, using bearish MACD divergence and a broken downward trendline on the 4-hour chart. He sold rallies at the 61.8% Fibonacci level, which held and led to a 5,000-point drop.
Here is our Bitcoin sell trade fully explained. This trade was shared with you on this very post on 2nd of October in this very channel. Here is why we were looking for sell before the follow-up. So on the 4-hour chart, we got a bearish divergence— higher highs on the chart, lower highs on the moving average of the MACD— and the most recent trend line was broken down. One-hour chart made three lower highs, lower lows. Classical bearish trending structure. The plan was sell the rallies as long as these Fibonacci levels hold. As you can see, the Fibonacci levels did hold around the 61.8. We got a beautiful bounce and Bitcoin crashed down for more than five thousand points.
Stop Buying USDJPY: The Critical Resistance You Need To See #forex #tradingstrategy #shorts
