BTC: Possible double top?

17 Nov 2023

The recent price surge has exceeded my expectations, reaching new yearly highs. However, the longevity of this uptrend is uncertain. It's unclear whether we'll witness a new all-time high or if this is merely a temporary rally preceding a significant decline. Predicting market movements is challenging, but historical patterns can offer insights.

Throughout 2023, I've maintained a bearish stance due to unfavorable macroeconomic conditions, which I believe hinder a sustained bull market. Numerous indicators are at levels last seen during the 2008 financial crisis, raising concerns.

A key debate is whether the current scenario differs significantly from the past. Some argue that Bitcoin's value isn't solely reliant on the US economy, pointing to China's monetary policy as a potentially bullish factor. Others believe the situation mirrors past trends, predicting a downturn when the FED cuts rates.

Currently, Bitcoin exhibits a potential double-top pattern. A break below the support zone could lead to a drop towards $32,000, while surpassing the resistance zone might push the price towards $40,000. The market's future direction remains speculative.

20 Nov 2023

Nota

A lot of resistance between 37.5k and 38k. a break above 38k will lead to 40k BTC