BTC - Double Top, Failed Higher High = Great Exit Point

Bitcoin has had a nice rally this past week, but it has failed to break a key resistance level for the second time. The 50MA is also overhead resistance at the moment. The smaller time frames look much better than the bigger time frames. I see the MACD has dumped into bearish territory and now is facing several converging resistance levels. With the price action appearing to have double topped and failing to make a new higher high, I think we are going to retest the blue uptrend around $9700. That's close to a 10% drop. We'll see how the price reacts from here. At the moment, my bias is to the downside.

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