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Higher lows runs into potential treble top now for Bitcoin

Earlier today Bitcoin rose above 38,400 once more. It actually topped out at 38,427. That just surpassed the previous interim high at 38,408 reached yesterday and more or less matched the earlier rebound high reached on November 24, at 38,422. Since then it has backed off to a low at 37,593. That means we now have a potential treble top in place on the daily charts. The fact that the price action of the rising trend is still being dictated by a series of higher lows does rather contradict the fact that it keeps stalling above 38,400 most recently. Now of course one side is eventually going to give way to the other. The question this evening is which way will that be? Well, all of the short-term and longer term daily moving averages are still pointing north, but there is clearly resistance in place above 38,400. The upward trend channel in place on the daily charts is still intact to and that suggests eventually we going to see another upside break extend closer to 40k and perhaps beyond, to the next major technical level, at 42,238 (that represents a 50%  rebound of the 68,991-15,485 fall). In terms of fine-tuning a point where this is all negated is hard to fathom, but it looks like anything below 35k from here could set some alarm bells ringing. Bitcoin is currently trading at 37,725
 

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