Though Bitcoin broke out of the descending channel on March 20, it could not cross above the 20-day EMA. Currently, prices are again threatening to dip back into the channel, which is a bearish development. Our long positions initiated at $8,800 are trading under a loss. As the setup looks negative, we suggest booking a loss on 50 percent of the open positions and holding the rest with the stops at $7,600.
BTC/USD
The next support on the downside is the March 18 lows of $7,715, below which, a retest of the February 06 lows of $6,075.04 is possible.
Our bearish view on the BTC/USD pair will be invalidated if prices breakout and sustain above the 50-day SMA.