I think we are seeing a correction in a weekly uptrend, if the BTC/USD will drop under 4.7$ the picture might change a little, in this case we will see probably the bitcoin moving sideways in the 4$-5$ zone
Judging the last bar of this weekly chart net volume i dont see a great selling pressure and i’m not worried for my short term trade, at the moment i’m still bullish.
Bitcoin Trading Ideas, Analysis 
I rather doubt bitcoin is going to 5.50$ or above now.
It has been meandering and making no upside progress for weeks. I think the break will come on the downside and will be quick and unpleasant. Highs of the year in (januar ytop) and target 3.5$
At bitcoinica most are short at the moment.