Bullish Development on BTC Update
We always provide both the bullish and bearish scenarios because the traders should be aware of what to expect in both cases.
In the last analysis, we predicted a move to $9600 level. BTC has bounced back from $9740 level and faced a stiff resistance from 200-day SMA. Additionally, $8600 level proved to provide good support in the last three days.
200-day SMA is located now around $10,000 level which is a major resistance level, however, if the bulls succeed to take BTC above 10,000 level, a rally to $11,500 level and to the trendline 2 as shown in the chart is more likely to happen.
On the contrary, If the bulls find it hard to penetrate 200-day SMA, a fall to the trendline (shown in red ) is possible. If this trendline fails to hold the price, BTC may go to the 20-day EMA moving average where we anticipate some buying.
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.