BTC Idea: A consideration

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I think BTC has reached its top for this run and I would like to share a few of the indications and a consideration for possible market moves. First looking at the 4hr chart we can see potential resistance from the top trend line . RSI is oversold and MACD has the potential for a crossover. Most telling in my opinion though is the strength of this recent run up over $6000. Both volume and ADX are significantly lower this time at the $6000 break compared to when we broke $5000. This appears to be the case with the MACD as well and if confirmed it is a sign of bearish divergence. With the DMI on the verge of a potential crossover as well, things do not look good for the bulls in this chart.

Zooming out to the 1D chart we get a better picture of the trend line . RSI is still showing oversold and there is a clear loss of volume .

For all you Fibonacci and fractal fans, here are a couple charts to consider as well:

I hesitate to call a short here though because of that one consideration I mentioned up top: Bitcoin Gold is set to happen in less than 4 days. In case you are not aware (and I admit I am not very knowledgeable on the situation myself), Bitcoin Gold is a potential hard fork that would create a second token much in the same way Bitcoin Cash did. In order to cash in on this new currency being created, I imagine many people will buy up BTC right before the fork.

All in all this makes for a tricky situation. In my previous post I mentioned that if we broke $5800 a good take profit mark would be at $6500 or $7000. I retract those numbers and think $6200 or $6100 is now much more appropriate. If the market corrects, I suspect we will see a quick, hard buyback as people stock up for Bitcoin Gold .
Thankyou for sharing. Very interesting idea.
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