Bullish Development on BTC
* We always provide both the bullish and bearish scenarios because the traders should be aware of what to expect in both cases.
BTC has built a good bottom around $6500 level, from which it started a strong move and quickly broke out the trendline and the 20-day EMA as well. Moreover, it finally broke out the descending channel.
BTC is trading now just below the 50-day SMA, we expect some resistance from this average but once the bulls manage to take BTC above it a rally to $9600 level is possible. It is the 23.6 Fibonacci retracement level from the fall from $20,000 to $6500 and it's where the 200-day SMA is located now.
On the other hand, any dips will be bought by the bulls. The best support areas are $7500 level and the trendline.
Please be noted that I'm just giving the possible higher or lower levels developing according to the chart patterns. It's my own analysis. You should conduct your own research when making a decision.