Hey team,
Bitcoin is certainly at quite an interesting spot.
After pushing higher and printing a new all time high just under $60K, price subsequently pulled back to retest broken daily resistance as support.
It was here that the bulls comprehensively retook control of the market and we now find ourselves back retesting all time highs once more.
Take a look at the Bitcoin daily chart below.
BTC/USD Daily:
Why I say that Bitcoin is at quite an interesting spot is the fact that with this rip back to 60K, there's chatter around the LeoFinance community that we could be printing a double top.
But chatter is all it is.
We COULD be printing a double top.
But price could just as easily rip higher right here and simply resume the overall bullish trend.
It's not a double top until price has actually rejected for the second time and right now we have just the single, still open, daily candle.
That's certainly not a rejection.
Yet.
Lets all just calm out farms (CUB farms?!) and relax for a bit before we just to any wild conclusions of Bitcoin leading a wider crypto market correction.
We're still in a higher time frame bullish trend and right now I'd be more inclined to view this setup as simple price testing resistance before breaking out higher once more.
But only time will tell.
If you're day trading around this zone, set clear take profit/stop loss levels, while managing your risk and you honestly can't go wrong.
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.