Technical analysis
The daily time frame shows that the RSI indicator currently from overbought conditions and the downside in the BTCUSD pair may not yet be over.
The BTCUSD pair has tested the top a large falling price channel and rebounded, and is far managing to defend downside attempts on the $39,000 level.
What the possible outcomes are
In our most likely scenario, the BTCUSD pair continues to defend the $39,000 support area and then bounces back towards the $42,700 or $44,500 resistance levels..
Alternatively, the BTCUSD pair will stage an even greater technical correction down towards the $37,800 level and recover back towards the $42,700 level.
Key levels
Support $39,000 $37,800
Resistance $42,700 $44,500
