BTCUSD
Looking at the daily chart of Bitcoin, we can see that we just had a MACD Sell signal from an overbought level, which is an extremely bearish signal. The last time we had one, we decline from about $5,000 to $3,000, and the prior one we decline from about $3,000 to about $1,830. So, as you can see by history, it is an extremely reliable indicator.
Having a MACD sell signal does not mean it has to immediately sell off. It could still rise for about 2 weeks, as it did last time, maybe to about $7,000 at the most. But either way, it is going to eventually sell off a few thousand points from here. Whether it is form current levels, or a few hundred dollars higher.
If the MACD declines from an overbought level, as it is today, to an oversold level, as it has in the past, it could easily tank Bitcoin back to $3,000 in a few months. There, or around there is my target to repurchase Bitcoin. I already sold all my Bitcoins. I don’t think it’s worth the risk pursuing it past $6,000.
I’m not recommending you to either buy or sell anything, that is up to you. I’m just sharing my opinion and my analysis. Good luck in your decisions.
Cheers