Bitcoin BTC Potentially Going To Test 50k But Correction First

Don't underestimate the levels indicated in the chart. These levels have been incredibly consistent with gauging where BTC is at in the bigger picture. The price action BTC has shown has definitely been something to see. We are 100% seeing a fight to keep BTC's long-term bullish trendline alive and active. From a bullish perspective, this could be a good sign as there are clear entities that are holding BTC up instead of letting it lose its support when all hope was being lost. From a bearish perspective, a breakdown from here would solidify the bear market and confirm a huge Bull Trap. This realistically could have been just one big retest of the trendline break.

With the strength BTC is showing we can see the potential test of 50k by the break of the Red Downtrend Resistance as well as the break of the 200MA which I personally thought was going to be a brick wall. With these resistances broken BTC could be loose to test the top of that level around 50k and maybe to 53k if BTC shows true strength. It is important to note BTC is currently trading inside of a Rising Wedge Pattern which has a bearish bias and we are seeing bearish divergence on the RSI but with these important resistances seemingly broken I think the bearish perspective should be put aside until there are additional signals. I'm keeping the assumption of more irrational behavior until we see more dumping.
Crypto regulation is at an ATH in congress so watching reactions to FUD is important in times like these. To me personally, what was most interesting about this pump was it seemed untouchable from the FUD and was pumping like it was never happening. This to me indicates the path was already set and wasn't necessarily out of thin air.

Here is the chart zoomed out so you can see the levels for yourself

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