Incoming Sell-Off leading to Sustained Correction for BTC

2 Jan

I've been analyzing BTCUSD on the 5D and it looks like it is topping out right now and we are heading down in a sustained way very soon. I printed a logarithmic regression channel with 2 SD either way and we are at the top of the channel.

Wave trend analysis shows we are overbought and unlikely to make it to the 0.786 FIB level (50k).

You can also see confluent signals of a coming macro-downtrend in the GF MACD which is heading down, the ADX which looks to be topping out as Green DI is likely printing a lower high.

MFI Oscillator is also heading down, indicating increasing sell pressure. SNAB RSI has bearish divergence, Wykoff Buy Volume is trending down, and a red X has printed on the wave form analysis which is a leading indicator of a coming selloff.

The TRIX RSI (triple exponential average) looks to be topping out as well, which suggests this market is overbought and needs a sustained correction.

If we stay within the log regression band, the maximum price downside I could see is around 32k, which corresponds to the 0.500 FIB level.