BTC/USD:
We had suggested traders buying 50 percent of the desired allocation if Bitcoin dips to $8,800. The levels were reached today, March 23, and the trade is active. The initial stop loss is $7,600, which should be trailed higher once the price breaks out of $9,300.
For the past two days, the bulls have managed to keep prices above the descending channel, which is a positive sign.
The BTC/USD pair will gain momentum once it sustains above the 50-day SMA and $10,000. Once these two levels are crossed, a rally to $12,172 is likely.
On the other hand, if prices fall into the descending channel and break below the March 18 lows of $7,715, a retest of the February 06 lows of $6,075.04 is possible.