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.
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