BTC Analysis

* We always provide both the bullish and bearish scenarios because the traders should be aware of what to expect in both cases.

Bitcoin failed to go through the trendline on three occasions. It's also still trading under the moving averages which shows weakness. Historically, the 20-day EMA and 50-day SMA  behaved well as strong support and resistance levels, therefore,  if BTC manages to break out the trendline it will face selling pressure from the 20-day EMA at $7450 now.

Above the 20-day EMA BTC may face resistance from the upper line of the downtrend channel thereafter from 50-day SMA.

However, if BTC fails again to clear the trendline, it may test the low of Feb. 6, where a possible double bottom form may happen ( it's a reversal form ). If this level won't be able to hold the price Bitcoin can fall to around $5000 level and so the double bottom form will be invalidated. 

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.