Will 50k Hold?Hi all,
Bitcoin managed to cloas the week above 50k. While this physcological level gives comfort, the real resistance is at the weekly 51.791 and we are below that level.
That said, consolidating under resistance is considered bullish, however, we don't know how price will react after passing this level.
The wyckoff distribution i have pointed out in my previous analysis still holds and if it plays out, we are looking at a LPSY moment as of now.
The upward moves are quite weak, not triggering any of my TOTT signals (and i have many)
So, longing here now would mean longing in to resistance, which is never a good idea. Last time i warned about this was at 67k :) Ofcourse it doesn't have to be the same, but given FED has declared the timeline for tapering and interest rate hikes by the end of March, i think we'll see a play until that time, but we don't know what composite man is about to play. Again, i think it's a mega distribution since last year October.
Patience is the most important skill to have right now. If you are long, use a stop loss or reduce your risk.
As always trade safe.
