Bitcoin sets interim double top just short of 59,500

Yesterday Bitcoin did recover the earlier downside move, as it often does lately, but it could not break above 60k again. The price lifted from a session low and interim double bottom, just below 57k, to as high as 59,250 ahead of the wider US market close. The move higher was really led by a rebound in Ether, as that reclaimed levels above 2,100 yesterday afternoon. In fact, Ether has set a new all time record high today, but more on that coin in a minute. Meantime, Bitcoin has stalled after it did the exact opposite to that which it set yesterday. This time it is a double top that has capped the upside. That is currently in place just short of 59,500. The high reached earlier on was set at 59,470. Now this price level could yet be a target and a springboard for another rise above 60k, but it will have to be taken out first. Meanwhile, the downside is probably the more immediate risk all the while that formation guards the topside. The price has fallen back to just above 58,600 and is currently trading at 58,755