BTC/USDT analysis
1D/4H
Formed a rising wedge on the 4H with considerably higher sell volume as we broke the ATH. Using fib projection on the corrective ABC wave we can see price has broke through the 1.618 fib but showing signs of weakness. The initial first wave up after the may crash, price made its way to the 1.618, broke through and followed with a reversal a day later as shown on the daily chart so be careful here.
MACD on 4H looking weak showing bearish divergence as price makes new highs and the MACD makes new lows getting closer the the centre line.
MADC on daily also looks to be weakening as I have previously stated in other analysis. Would expect the signal line and MACD line to converge and cross giving a possible reversal signal.
Still making higher highs and higher lows on 4H so trend is intact for now, I would be looking for shorts if we have a CHoCH (change of character).
It would be normal to see some cool off here and a pullback.
1D/4H
Formed a rising wedge on the 4H with considerably higher sell volume as we broke the ATH. Using fib projection on the corrective ABC wave we can see price has broke through the 1.618 fib but showing signs of weakness. The initial first wave up after the may crash, price made its way to the 1.618, broke through and followed with a reversal a day later as shown on the daily chart so be careful here.
MACD on 4H looking weak showing bearish divergence as price makes new highs and the MACD makes new lows getting closer the the centre line.
MADC on daily also looks to be weakening as I have previously stated in other analysis. Would expect the signal line and MACD line to converge and cross giving a possible reversal signal.
Still making higher highs and higher lows on 4H so trend is intact for now, I would be looking for shorts if we have a CHoCH (change of character).
It would be normal to see some cool off here and a pullback.