Vladimir Ribakov analyzes Bitcoin on June 17, 2020, spotting a bearish divergence on the MACD and RSI, plus three lower highs and three lower lows. He expects the price to drop either after a short retracement or through a false breakout.
Hello traders, how are you? Vladimir here from Traders Academy Club, and this video is the day trading idea. Today we are on 17th of June 2020. I hope you are well and stay safe. And today on the list we have the Bitcoin. But before I go and dig deeper in my analysis and explain my view, for all those of you watch us for the first time, welcome to our channel and to the community. I would like to invite you to subscribe to the channel. Just follow the subscribe button below this video. Just please remember to enable the notifications. Ring so you can be notified when new content is available for you. And as well, I would like to invite you to join our trading club, the Traders Academy Club, and to join our free Telegram channel. And both links to that could be found below this video in the description or in the comment section in the pinned comment. So what do we have on the Bitcoin and why do I find that interesting? So for— so first First of all, we are fighting here around the very— just one second, it doesn't draw here for me. Let's try again here. Oh, now my virtual pen works. So this is a key resistance that the Bitcoin is yet fighting. And after this rally, we are facing a slowdown and making a bearish divergence. Bows and the MACD, and as you can see also the histogram and the moving average of the MACD, and also on the RSI, which represents the relative strength index in the current price. Both hint in the bearish direction. This move down looks like a first wave in the continuation, and the reason I think so is because we have three lower highs, three lower lows here. Which the way I see, uh, making this retrace as an opportunity for a bearish continuation. So I would expect the price to gain the momentum and continue lower from here, or after completing this little retrace here in 2 waves and then completing a false breakout. But the way I see here, these rallies Should deliver the opportunity on the bearish direction. Let me know what do you think about the Bitcoin. Are you bullish? Are you bearish? What would you expect to see on the price to happen, and where do you think the Bitcoin is heading? Also, I would like to ask your support back if you find this video and generally these daily videos useful and helpful. Please hit the like button, show your support back, and also leave your feedback in the comment section. This video is also open to the community, so feel free to share it with anyone who you want and who you believe can have the benefit by watching that. And of course, thank you very much in advance for your help. Yesterday we've been talking about the euro-dollar, expecting it to continue lower. Those of you who missed yesterday's video, now on the right top corner of this video you can find the direct link to watch yesterday explanation. The way it is behaving right now, so we've been watch— we've been experiencing yesterday the expectations after pullback to see continuation, and we are there. And the way, as I explained yesterday, all the bearish view remains relevant until this divergence will complete. So pay attention to that, of course, to all those of you who are involved. And if not, not, then skip. And today's view is the Bitcoin. So again, my view is bearish there. That would be all for today. Thank you very much for your time. Watching this video. And again, I hope you find it useful, helpful, interesting. And stay safe, be well, and I'll see you tomorrow with more interesting ideas.
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