Cryptocurrencies

Bitcoin: Is it at Risk of a Double Top?

Looking at the bitcoin chart I find myself wondering – are we about to double top?

Meager Rise to The Prior Top

If you look at the daily chart of bitcoin shown in this post you can see after bitcoin made that big move higher we got a small pullback, which is perfectly normal, followed by some consolidation before price started to slowly grind higher on light volume.

Currently price is right about where it topped out, well that is until it pulled back a little today.  Essentially price flat lined the past 48 hours at this level.

I’m left wondering if it will top out here and if it does that will likely mean a pullback.  The reality is we have the 5k area as the last little bottom as a potential support level.

Then we are looking at 4,250 area which was that significant resistance level breached on the big up move.

Price really needs to push above 5,350 and then the upside target is 5,550, which represents the last consolidation point before November’s big selloff.

We will likely need to see an uptick in buying volume to breach even 5,350 as right now it seems volume and buyers are light.

Then again, it is a holiday weekend.  We shall see what the next 24 hours brings.  Happy Easter all!

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