Technical analysis
The daily time frame shows that the RSI indicator is bullish, however, the indicator is now overbought, increasing the chances of a technical pullback are increasing.
The daily time frame shows that the BTCUSD pair has now broken above a large falling price channel and could be heading into a much higher trading range.
What the possible outcomes are
In our most likely scenario, the BTCUSD pair tests towards its trend defining 200-day moving average, around the $44,500 resistance area.
Alternatively, the BTCUSD pair will pullback towards the former breakout area from the falling price channel before rallying back the 200-day moving average.
Key levels
Support $39,400 $38,000
Resistance $42,700 $44,500
