I have pulled back to the weekly to get some perspective as it is easy to get lost in lower timeframes. We are still very far off the old ATH we hit back in Nov.
We have strong resistance coming in from $47k - $50k, this is a very key level that we need to break above and is highlighted by the yellow rectangle.
We have only had a small bounce from the lows which may suggest large amounts of sellers could come in and dump once we bounce with some more strength.
We are starting to see a decline in the number of old addresses which signifies some loss in conviction from smart money, but this is most likely due to the Ukraine situation so doesn't worry me too much at this stage.
Overall I am still bullish on BTC but want to see conviction return for long term holders and a solid attempt to break above 50k.
We have strong resistance coming in from $47k - $50k, this is a very key level that we need to break above and is highlighted by the yellow rectangle.
We have only had a small bounce from the lows which may suggest large amounts of sellers could come in and dump once we bounce with some more strength.
We are starting to see a decline in the number of old addresses which signifies some loss in conviction from smart money, but this is most likely due to the Ukraine situation so doesn't worry me too much at this stage.
Overall I am still bullish on BTC but want to see conviction return for long term holders and a solid attempt to break above 50k.