Introduction

The price action Bitcoin experienced hours before the traditional Christmas celebration above $50,000 was a nice trigger for bullish traders (myself included) to regain optimism.

The bullish sentiment lasted no more than 48 hours as the market lost strength in the bullish direction and executed a further pullback to the $49,000 area, an element that put the optimistic mood into caution.

According to several statements from metric analysis experts, this further pullback to the $49,000 area projects that a "new player" is beginning to turn $50,000 into resistance after a brief holiday cheer for Bitcoin bulls.

A favorable element for traders is that despite the pullback experienced by Bitcoin, most of the large-cap alternative cryptocurrencies remained relatively balanced, i.e. in a sort of flat zone.

Although the performance of the alternative cryptocurrencies generates a certain sense of calm, it is not a fact to trust, so I believe that we should execute operations with caution and wait for the market to define a direction and only then decide to trade it with confidence.

OBSERVATION:

The cover image was designed by the author: @lupafilotaxia, incorporating image background: Source: es-us.noticias