As you can see from the daily chart, Bitcoin has reached a turning point. Solid long-term support from below and at the end of a wedge formation. Any day now Bitcoin will have to make a decision and I expect it to be the start of the next bull run for Bitcoin and Crypto as a whole.
Bitcoin is classed as a 'Currency' but is traded as a 'Commodity'. What you need to remember is there is only a limited supply of Bitcoin and with rarity comes increased value.
My expectation for Bitcoin is to next head for $54500 before another correction.
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Price exploded as expected. We did manage to break the daily 200EMA but we still closed below. There was a lot of buying pressure and I feel the drop after was not actual short-trades but actually profit-taking for a quick trade.
The very positive side though is we have closed ABOVE the wedge.