51.5K seems vital for short term

19 feb

Morning folks,

So, BTC hits our Yearly Pivot Resistance 1 level and in nearest 1-2 months, it will be really decisive time for next direction on the market.

Meantime, while BTC is still coiling around, let's take a look at lower time frames. Context remains bullish, so we do not consider any shorts by far. We suggest that 51.5K area will be vital in nearest term. If BTC holds above it - it could start forming reverse H&S on top with upward continuation and start moving to our next 55.5K target.

If it fails, then we could get Double Top here and deeper downside pullback first.

Thus, if you want to buy - think about 51.5K area, it could let you to place tight stop.