Bitcoin- Small double top could lead to correction

13 Nov

As I explained in my previous analysis, I anticipated a correction in BTCUSD and decided to sell against this strong uptrend.
With some luck, I’m still in the trade (though currently at a loss).

At this point, however—unlike when I impulsively sold—we have some real data to analyze. :)

After the first all-time high just below 90, yesterday we saw another peak just above this key level.
This could potentially signal a double-top formation. A drop below 85,300 would confirm this pattern, with a measured target around 80k. Looking further down, 77k could also act as a support level.

On the flip side (which I’m not too keen on), if we see a higher low above yesterday’s, support holding at yesterday’s low, or a false break of the neckline, BTC will be on its way to setting a new all-time high almost for certain.