Vladimir Ribakov analyzes three trades for the week of February 6-10, 2023. EUR/USD shows bearish rejection at the 50% Fibonacci level with MACD divergence, AUD/NZD faces resistance at 50-61.8% Fibonacci levels, and Bitcoin could pull back to $20,000 despite recent rallies, with supply zones near $30,000 and August 2022 highs.
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Hello traders, happy weekend! Vladimir here from Home Trader Club and welcome to my weekly forex forecast. In this video, I would like to share with you my 3 amazing opportunities from my point of view for the coming week, 6th of February 2023. We will be talking about the euro dollar, Aussie Kiwi and the Bitcoin. Ready? Let's begin. So the first one is going to be the Euro Dollar, which I believe reached a very, very, very key rejection zone where the buyers are very likely to start on losing their grip and sellers will take the control. But before I go to the chart and start to explain all the technical conditions and why do I believe the sell is coming on this one, I would like to ask your support. If you appreciate this video and the trading opportunities, please hit the like button, subscribe to the channel, and leave some feedback in the comment section. Thank you very much, of course, in advance to all those of you who take the time to support and to help. So the euro dollar has a very interesting combination here. If we go to the weekly chart, what we will see plotting Fibonacci on the full bearish leg started at December 2020, believe it or not, then, uh, you can see that the euro dollar is bouncing directly off 50% Fibonacci retrace. Besides that, there is a massive resistance area here based on the volume profile. As you can see on this very cloud in between 61 to 50% Fibonacci, there is a massive cloud based on the volume profile. If you don't know what volume profile is No worries, watch this video on the right top corner and you will understand it much, much better. So going to the Bollinger Bands, quick scan teaches us that from the lower Bollinger Band, the euro reacted straight move to the upper Bollinger Band, which usually brings the condition of up to 50% deviation of the whole movement. Which happened here, and right now we are bouncing off that exactly. Going down to the daily chart, and here is where the fun begins. Massive resistance used to be broken support, becomes a resistance. Broken support becomes a resistance again and creates for us a great, great, great, great, great rejection area. Quick View on the MACD indicator teaches us that at the end of the three bullish waves upside, while the market was creating the higher highs, the indicator creates lower highs to complete a bearish divergence. Not sure what the bearish divergence is? No problem. Right now on the right top corner of this video, you will find a recommended video to watch on the subject. And what I love here maybe the most is the combination of these candle patterns. At the end of the last bullish leg, the last 2 candles that created higher highs, higher lows are now completely erased with the 2 bearish candles. Okay, and we have 2 lower highs, lower lows below the most recent 2 bullish candles of the up move. Usually that's a very strong technical condition. So the next step is plotting the Fibonacci retrace on this one, and what we will see that there is a massive volume profile based zone next to the demand area that we have here. Volume demand all the way down to the demand of the bearish move creates for us an absolutely amazing Potential target for this sell opportunity. That's where I believe the euro dollar is heading. Let me know what do you think about the euro dollar? Is that the beginning of the bearish move, or is it just a trap, and the euro dollar is going to fly all the way to 114, 115 from here? Share your thoughts in the comment section. And the next one, Aussie Kiwi, reaching an absolutely amazing resistance area, and I believe building up a sell opportunity. Let's see what do we have here. So we go to the daily chart and we plot Fibonacci from the beginning of the bearish move all the way to the end of the bearish move. As you can see, the pair is so far resisting around the 50% Fibonacci. Great resistance so far. But the interesting part here is what happens between 50 to 61.8. As you can see here, once again, a massive volume-based resistance is waiting there. Besides that, we have— if we connect the lower highs, lower lows we have here in this bearish trend, we receive several important supply zones. And if we go all the way to the bullish trend, you can clearly see that there are 2 important zones on the way as well, which makes me think the Aussie Kiwi is very, very, very likely to have some rejection area right on these zones and to provide some classical sell opportunities, or at least some short-term bounces to the downside. Let me know, what do you think about the Aussie Kiwi? Do you think this one is going to drop down, or is it going to cross the supply area and reach all the way to the peak of, uh, end of September and the beginning of the next one, October of 2022? What is your view? Share your inputs and your insights in the comment section below. And the next one and the final one is going to be the Bitcoin. Yep, this one is something that I believe building up here, and I want to share why I find it interesting. So quick observation: what happened since the beginning of 2023? The Bitcoin rallies and excites again, brings up all these discussions: is the crypto winter is over, and are we heading from here? To all-time new highs, a big dream of so many crypto holders. And as always, Bitcoin should be the one of the leaders that also could hint what's coming next for the altcoins where so many investors are invested. But I don't want to be the party pooper. I just want to present my view here that I am not confident that you know, the bearish conditions are over and the Bitcoin is ready for a massive rally. Yes, this pullback is so, so far very impressive. However, there are key levels on the way which might create a headache for the buyers, at least for the short-term buyers. So let's see what are these levels. Quick observation show us that we have a massive supply zone here on the previous highs that were created right in August 2022. Besides that, quick observation on the previous bearish move we've had during 2022 show us another massive— you can see all this area between this low to this high, that's where the volume is created. 2 monster areas from my point of view. One is right here next to the supply from August 2022. The other one is next to the volume, or close to the 30,000 round number, psychological number, a serious barrier. I believe that these rallies should end up on this party. This bearish divergence is very likely to complete, which means the market will create higher highs And the indicator will create lower highs. And from one of these zones, wherever the divergence completes, I believe that Bitcoin is going down to $20,000 at least again. As I said, I do not want to be the party pooper, but I don't think the bullish party just started. What are your thoughts about the Bitcoin and generally about the crypto market? Is the crypto winter over? Do you think from here all the way to the moon, as they say? Let us know what do you think and what would you expect from Bitcoin and crypto in general in the comment section below. Thanks in advance. So that would be it for this video. These are the 3 opportunities which I find super interesting for the coming week, maybe a bit longer than a week, and I wanted to share with you. So thank you very much for your time watching this video. I hope you find the value in these trading ideas and opportunities. And I would like to welcome you to our trading family, the Home Trader Club, where you will get your access to all these very things you see on this image— full trading courses, real-time trading opportunities, real-time trading education, great trading community, and so much more. Join us with the link below this video in the description. So once again, thanks for your time. I wish you a wonderful trading week ahead. Best to you and yours. I'll see you soon with more. Bye for now.
