Fib extension targets at $620, $580 and an overlap near $540 with horizontal S&R at the previous corrective low.
Based on similar indications at the 1day and 3day timeframes, and confirmation in the 1hr chart: Short at Max position size with max leverage.
Just to show the 1.618 retracement posted in the previous update comment as well as the current 1hr upside reverse divergence (15h00 UTC) that implies downward trend continuation.
This is the level that capped advance during the earlier part of 2016 (blue arrow in the chart below).
There may be additional downside, but price has reached its 1-day 200MA, a long-term S&R level, so: Profit is profit. Monster short trade closed.
So, crossing above its signal line while already above the zero line - as you circle in green - is bullish.
However, at the present chart juncture (not showing in the chart you attached) we have MACD crossing below its zero line *and* below its signal line, which is bearish. These are the primary indications of MACD.
The similarity in Bollinger Band alignment between the present instance and the instance you highlight seems merely incidental. If price were now to reverse to the upside and MACD makes a bearish cross-over of its signal line and zero line - *then* we'd expect price to advance until it hit that upper BB - maybe - depending on the stage of trend.
We'll eventually reach this part :
"If price were now to reverse to the upside and MACD makes a bearish cross-over of its signal line and zero line - *then* we'd expect price to advance until it hit that upper BB - maybe - depending on the stage of trend."