Welcome to this updated analysis on BTCUSD Let’s get right to it!
Looking at the four-hour MACD, we can see that it has been steadily forming a bearish divergence, as the price was trending higher.
In addition to all of that, we can see that the MACD is beginning a new expansion to the downside, and it is about to cross the zero line, which is a technical sell signal. With so much data pointing to exhaustion, I will remain on the sidelines, until it is safe to reenter my position.
On a side note, we never physically came into contact with the overhead resistance zone, but BTC got pretty close. I am expecting a pullback now, but I believe that we will return to test that level in the not too distant future.
We can AVOID/STOP loss at 0.00005373
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