BTCUSD
Looking at the hourly chart of Bitcoin, we got this huge red candlestick that went from $7,354.10 dollars to $6,700 dollars with huge volume, which also leaves a big shadow on top of it. That’s a very week sign.
Given that we are very overbought, and we have our first MACD sell signal on the daily chart when we were about the $6,000 level. I say, if we go below $6,700, for me that is confirmation enough that the top is in.
For those who want to short Bitcoin, you could do it ones it breaks $6,700, with stop at $7,400. I anticipate a few thousand points corrections from here. First level to look for a good bounce should probably be about the $5,000 dollar-mark.
I should also remind you that Alt. Coins in general have not participate in this last run of Bitcoin, in fact, they have been declining. Money has been leaving Alt. Coins and into Bitcoin. So, when Bitcoin starts to drop, I expect the opposite to happened. Meaning Alt. Coins climbing while Bitcoin drops.
Good luck to you